Westport Announces Effective Date of Share Consolidation
02 June 2023 - 7:00AM
Westport Fuel Systems Inc. ("Westport" or the "Company") (TSX:WPRT
/ Nasdaq: WPRT) a global leader in low-emissions alternative fuel
transportation technologies is pleased to announce, further to its
April 26, 2023 press release, the completion of the Company's
proposed consolidation of its common shares ("Common Shares") on
the basis of (1) new post-consolidation Common Share for every ten
(10) existing pre-consolidation Common Shares (the
"Consolidation").
As of the date hereof, and following the
Consolidation, there are 17,174,972 Common Shares issued and
outstanding. Immediately prior to the Consolidation, the Company
had 171,751,409 Common Shares issued and outstanding. No fractional
Common Shares will be issued pursuant to the Consolidation and any
fractional shares that would otherwise be issued will be rounded
down to the nearest whole Common Share.
A letter of transmittal with respect to the
Consolidation is being mailed to the Company's registered
shareholders only. All Registered Shareholders with certificated
Common Shares will be required to send their certificate(s)
representing pre-consolidation Common Shares, along with a properly
executed letter of transmittal, to the Company's transfer agent,
Computershare Investor Services Inc., in accordance with the
instructions provided in the letter of transmittal. No action is
required by non-registered shareholders (shareholders who hold
their common shares through an intermediary) to receive
post-Consolidation Common Shares in connection with the
Consolidation. Shareholders may also obtain a copy of the letter of
transmittal by accessing the Company's SEDAR profile at
www.sedar.com or the Company's EDGAR profile at www.sec.gov.
It is anticipated that the post-Consolidation
Common shares will commence trading on the Toronto Stock Exchange
(the "TSX") and Nasdaq Global Select Market (the "Nasdaq") under
the new CUSIP number 960908507 (ISIN CA9609085076) at market open
on June 6, 2023, subject to final confirmation from the TSX and the
Nasdaq. The Company's name and current trading symbol will remain
unchanged following the Consolidation.
About Westport Fuel
SystemsAt Westport Fuel Systems, we are driving innovation
to power a cleaner tomorrow. We are 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. Our 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, we serve our customers in more than 70 countries
with leading global transportation brands. At Westport Fuel
Systems, we think ahead. For more information, visit
www.wfsinc.com.
Forward Looking Information
This press release contains "forward-looking
statements" and "forward‐looking information" within the meaning of
applicable Canadian securities legislation and applicable United
States securities laws (referred to herein as forward‐looking
statements). Forward-looking statements include estimates and
statements that describe the Company's future plans, objectives or
goals, including words to the effect that Westport expects a stated
condition or result to occur. Forward-looking statements are
typically identified by words such as "may", "will", "could",
"would", "anticipate", "believe", "expect", "intend", "potential",
"estimate", "budget", "scheduled", "plans", "planned", "forecasts",
"goals" and similar expressions. These 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 our 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.
Forward looking statements may include, but are not limited to,
statements regarding the effects of the Consolidation, the expected
number of Common Shares issued and outstanding following the
Consolidation, the expected timing of trading of Common Shares on a
post-Consolidation basis on the TSX and the Nasdaq, as well as
other risk factors and assumptions that may affect our actual
results, performance or achievements discussed in our most recent
Annual Information Form and other filings with securities
regulators. 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 our 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 National
Instrument 51-102. The contents of any website, RSS feed or twitter
account referenced in this press release are not incorporated by
reference herein.
Inquiries:Investor RelationsT:
+1 604-718-2046E: invest@wfsinc.com
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