Westport Fuel Systems Announces Closing of Marketed Public Offering and Exercise of Over-Allotment Option
08 June 2021 - 10:43PM
Westport Fuel Systems Inc. (TSX | Nasdaq: WPRT) (“
Westport
Fuel Systems” or the
“Company”), a global
leader in alternative fuel, low-emissions transportation
technologies, today announced the closing of its
previously-announced underwritten marketed public offering of
common shares (“
Common Shares”) in the United
States and Canada for gross proceeds to the Company
of US $115,115,000 (the "
Offering"). The Company
issued a total of 20,930,000 shares, including 2,730,000 shares
following the exercise in full by the underwriters of their
over-allotment option. The shares were issued at a price to the
public of US $5.50 per share.
Westport Fuel Systems intends to use the net
proceeds of the Offering primarily for capital expenditures to
expand and automate production capacity of the Company’s high
pressure direct injection (“HPDI”) products to
meet customer demand, and to advance the research and development
of the Company's HPDI technology to decarbonize transportation
economically and efficiently, including using hydrogen fuel. The
remainder of the funds are to be allocated for potential
acquisitions of bolt-on businesses that offer complementary
capabilities or technologies to existing businesses, to further
strengthen the balance sheet, as well as for general corporate
purposes.
The Offering was conducted through a syndicate
of underwriters led by RBC Capital Markets and J.P. Morgan as joint
bookrunners, and including Oppenheimer & Co. as senior
co-manager and Craig-Hallum as co-manager.
No securities regulatory authority has either
approved or disapproved the contents of this news release. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any province, state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction.
About Westport Fuel Systems
Westport Fuel Systems is driving innovation to
power a cleaner tomorrow. The company is a leading supplier of
advanced fuel delivery components and systems for clean, low-carbon
fuels such as natural gas, renewable natural gas, propane, and
hydrogen to the global automotive industry. Westport’s technology
delivers the performance and fuel efficiency required by
transportation applications and the environmental benefits that
address climate change and urban air quality challenges.
Headquartered in Vancouver, Canada, with operations in Europe,
Asia, North America and South America, the company serves customers
in more than 70 countries with leading global transportation
brands. For more information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking
Statements
This press release contains "forward-looking
information" within the meaning of applicable securities laws
("forward looking statements"). Forward looking
statements are frequently characterized by words such as "expect",
"intend", "may", "will", "potential", "proposed" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements made in this press release
include statements regarding expected use of the proceeds raised.
These forward looking statements are neither promises nor
guarantees, but involve known and unknown risks and uncertainties
and are based on both the views of management and assumptions that
may cause the Company's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activities, performance or achievements
expressed in or implied by these forward looking statements. These
risks, uncertainties and assumptions include those related to
COVID-19, its duration, effects and government responses thereto
and the price and timing for the Offering share sales, issuance of
Common Shares, the general economy, conditions of and access to the
capital and debt markets, solvency, governmental policies and
regulation, fluctuations in foreign exchange rates, as well as
other risk factors and assumptions that may affect our actual
results, performance or achievements or financial position that are
described in the Prospectus Supplement, the Shelf Prospectus and
the Registration Statement, as well as in the Company's continuous
disclosure filings available under the Company's SEDAR profile at
www.sedar.com and under the Company's EDGAR profile at www.sec.gov.
In addition, the effects and the impact of the COVID-19 outbreak,
are unknown at this time and could cause actual results to differ
materially from the forward-looking statements contained herein.
Readers should not place undue reliance on any such forward-looking
statements, which speak only as of the date they were made. The
Company disclaims any obligation to publicly update or revise such
statements to reflect any change in its expectations or in events,
conditions or circumstances on which any such statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in these forward looking statements
except as required by law.
Investor Inquiries:Christine
MarksInvestor RelationsT: +1
604-718-2046E: invest@wfsinc.com
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