Why Shares of Bloom Energy Are Tumbling Today
Shares of Bloom Energy (NYSE: BE) have blossomed in the first half of August, climbing more than 50%. The second half of the month, conversely, is beginning on a less auspicious note after the fuel cell specialist announced a partner's decision to exercise its option to purchase more shares of the company's stock, along with a new capital raise.
As of 11:12 a.m. ET, shares of Bloom Energy are down 10.3%.
After the market closed yesterday, Bloom Energy reported that SK ecoplant is exercising its option to acquire more shares of Bloom Energy's stock pursuant to an agreement the two companies forged last October. SK ecoplant has elected to acquire 13,491,701 shares of Bloom Energy's stock priced at $23.05 per share -- a discount to the price at which Bloom Energy's stock opened today: $28.60.
Source Fool.com
