Clean Energy Fuels Corp (NASDAQ:CLNE) announced that it has filed a prospectus supplement with the Securities and Exchange Commission (the “SEC”) under which it may sell shares of its common stock having an aggregate gross sales price of up to $75 million from time to time through an “at-the-market” offering program.
Clean Energy intends to use the net proceeds from this offering for general corporate purposes, which may include, without limitation, repaying all or a portion of Clean Energy’s outstanding 7.5% Convertible Notes due 2016.
The shares may be offered from time to time pursuant to an equity distribution agreement entered into by and between Clean Energy and Citigroup Global Markets Inc., as sales agent and/or principal.
Sales, if any, will be made in transactions that are deemed to be “at-the-market” offerings, including sales made by means of ordinary brokers’ transactions on the NASDAQ Global Select Market or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or as otherwise agreed to with the applicable sales agent. (Original Source)
Shares of Clean Energy Fuels closed yesterday at $5.08. CLNE has a 1-year high of $10.48 and a 1-year low of $3.73. The stock’s 50-day moving average is $5.35 and its 200-day moving average is $6.13.
Clean Energy Fuels Corp is engaged in selling natural gas fueling solutions to its customers in the United States and Canada. It also designs, builds, finances, and operates natural gas filling stations for vehicle fleets.