Secondaries Announced 4.27.17

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries

Company: TransEnterix, Inc.
Symbol: TRXC
Price: Last Trade $1.08
Trade Date 4/28
Re-offer: Subscription Needed
Shares: 24.9 million
Underwriter(s) Stifel
Rating = Subscription Needed
***One Series A Warrant to purchase one share of common stock and one Series B warrant to purchase 0.75 shares of common stock***

Company: FuelCell Energy, Inc.
Symbol: FCEL
Price: Last Trade $1.60
Trade Date 4/28
Re-offer: Subscription Needed
Shares: 10 million
Underwriter(s) Oppenheimer & Co.
Rating = Subscription Needed
***Includes Series C & D Warrants***
The Series C warrants are expected to be immediately exercisable and have a term of five years. The Series D warrants are expected to be immediately exercisable and have a term of one year.

Company: ESH HOSPITALITY LLC-BLOCK
Symbol: STAY
Price: Last Trade $17.85
Trade Date 4/28
Re-offer: Subscription Needed
Shares: 30 million
Underwriter(s) Citigroup, Barclays
Rating = Subscription Needed