FuelCell Energy plunges after launching 1-for-30 reverse stock split

FuelCell Energy (NASDAQ:FCEL) -19.1% pre-market Thursday after saying a 1-for-30 reverse stock split of its common shares will take effect November 8, and that trading on a post-split basis will begin November 11.

The company said the reverse split is intended primarily to increase the bid price of its common stock to enable it to regain compliance with Nasdaq’s $1/share minimum bid price requirement for continued listing, and to appeal to a broader range of investors.

FuelCell Energy (FCEL) shares have plunged 77% YTD and 70% during the past year.