SCHEDULE: Alex Meruelo Reduces FuelCell Energy Stake Below 5%

Alex Meruelo and the Alex Meruelo Living Trust have filed a Schedule 13G, reporting a beneficial ownership of FuelCell Energy, Inc. common stock below the 5% threshold as of June 18, 2026.

Summary

• Alex Meruelo and the Alex Meruelo Living Trust have jointly filed a Schedule 13G, indicating their beneficial ownership of FuelCell Energy, Inc. common stock has fallen below 5%.
• As of June 18, 2026, the reporting persons' ownership was calculated based on 67,608,173 shares outstanding.
• The Alex Meruelo Living Trust directly holds 3,600,000 shares and has call options for an additional 75,000 shares, expiring August 21, 2026.
• Alex Meruelo, as sole trustee of the Trust, may also be deemed to beneficially own 35,500 shares held by his spouse, Liset Meruelo, though he disclaims beneficial ownership of these shares except to the extent he shares voting or investment power.
• The total beneficial ownership reported for Alex Meruelo is 3,710,500 shares, representing 4.6% of the class.
• The Alex Meruelo Living Trust beneficially owns 3,675,000 shares, also representing 4.6% of the class.
• This filing follows a period where their ownership may have exceeded five percent, particularly after an underwritten public offering that closed on July 9, 2026, which increased the total outstanding shares to 79,929,602.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily reports a reduction in ownership below a disclosure threshold rather than significant operational or financial news.

Positives

• The reporting persons have reduced their stake to below the 5% threshold, which may be seen as a strategic move to avoid triggering further disclosure requirements or to rebalance their portfolio.
• The Alex Meruelo Living Trust still holds significant equity and call options, indicating continued interest in FuelCell Energy, Inc.

Negatives

• The reduction in ownership below 5% suggests a decrease in the reporting persons' direct influence or investment conviction in FuelCell Energy, Inc.
• The filing implies that their previous ownership level was above the 5% threshold, and this filing documents the reduction.

Risks

• The call options held by the Trust expire on August 21, 2026, creating a time-bound element to a portion of their investment.
• The disclaimer of beneficial ownership for shares held by Liset Meruelo introduces a degree of uncertainty regarding shared control or influence.

Future Outlook

The filing does not contain forward-looking statements or guidance. It is a disclosure of beneficial ownership.

Management Comments

• Mr. Meruelo disclaims beneficial ownership of the shares held by Liset Meruelo except to the extent of any voting power or investment power he may have or share.
• Mr. Meruelo disclaims beneficial ownership of the shares held by Liset Meruelo, except to the extent Mr. Meruelo actually has or shares voting power or investment power with respect to such shares, and the reporting thereof shall not be construed as an admission that Mr. Meruelo is a beneficial owner of such shares.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for significant shareholders and indicate changes in ownership stakes. For a company like FuelCell Energy, Inc., which operates in the volatile clean energy sector, shifts in major shareholder positions can be closely watched by the market.

Related Party Transactions

• Alex Meruelo, as sole trustee of the Alex Meruelo Living Trust, manages the Trust's holdings.
• Alex Meruelo may share voting or investment power with respect to shares held by his spouse, Liset Meruelo.

Stakeholder Impact

• Shareholders: The reduction in ownership by a significant holder may be interpreted in various ways, potentially influencing market sentiment, though the filing itself does not provide strategic rationale.
• Management: The filing is a routine disclosure and does not directly impact management's operational responsibilities, but significant shareholder changes can influence board dynamics.
• Creditors: No direct impact is indicated.

Next Steps

• The reporting persons will continue to monitor their beneficial ownership percentage in FuelCell Energy, Inc.
• The call options held by the Trust will either be exercised or expire on August 21, 2026.

Key Dates

Keywords

FuelCell Energy, Schedule 13G, Alex Meruelo, Alex Meruelo Living Trust, Beneficial Ownership, SEC Filing, Common Stock, Call Options, Shareholder