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Clean Energy Fuels (CLNE) Plunges Further On Stock Offering
Clean Energy Fuels (CLNE) is adding to Friday’s sharp loss this morning, taking out two key areas of support (50 and 200 day moving average) in the process after announcing a 6 million share stock offering subject to market conditions. The company will use the proceeds for working capital and other corporate purposes. Merrill Lynch & Co. is the sole book-running manager for the offering. Lazard Capital Markets, Janney Montgomery Scott and Craig-Hallum Capital Group are acting as co-managers.
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