Fulcrum BioEnergy IPO watch: The company has applied to list its common stock on the NASDAQ Global Market under the symbol “FLCM.” The company intends to raise funds of $115 million at most.
According to the latest amendement to the prospectus, the net proceeds from the common stock in the Fulcrum BioEnergy IPO will be used to fund the construction of the first commercial-scale ethanol production facility, the Sierra BioFuels plant. The remaining net proceeds may be used for the development and construction of additional ethanol production facilities and additional research and development with respect to proprietary process, working capital and general corporate purposes.
UBS Securities, Merrill Lynch, Pierce, Fenner & Smith and Citigroup are acting as joint book-running managers and representatives of the underwriters of the Fulcrum BioEnergy IPO. Raymond James & Associates is also working as the co-manager for the Fulcrum BioEnergy IPO.
Fulcrum BioEnergy is a development stage innovative bio-fuel company converting zero-cost municipal solid waste, or MSW, into ethanol. The company has not generated any revenue yet. For the years ended December 31, 2009, 2010 and 2011, the company incurred net losses of $16.52 million, $18.03 and $49.14 million, respectively. For the three months ended March 31, 2012, the company posted a net loss of $33.49 million compared to a net loss of $6.42 million in the same period of last year.
Fulcrum BioEnergy IPO registration statement was filed on September 22, 2011.
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Fulcrum BioEnergy IPO