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Westport Fuel Systems Announces Launch of Underwritten Marketed Public Offering of Common Shares in the United States and Canada
Westport Fuel Systems Announces Launch of Underwritten Marketed Public Offering of Common...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n \n \n \n Westport Fuel Systems Announces Launch of Underwritten Marketed Public Offering of Common Shares in the United States and Canada\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Marketed deal of common shares for gross proceeds of approximately US$100 million, with 15% over allotment option\n \n \n \n \n Use of proceeds primarily to fund growth of HPDI 2.0\n \n TM\n \n sales by expanding production capacity and investing in research and development of HPDI with hydrogen\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n June 1, 2021\n \n /CNW/ - Westport Fuel Systems Inc. (TSX: WPRT) (Nasdaq: WPRT) (\"\n \n Westport Fuel Systems\n \n \" or the\n \n \"Company\n \n \") today announced the launch of a proposed underwritten marketed public offering of common shares (\"\n \n Common Shares\n \n \") in the United States and Canada for gross proceeds to the Company of approximately\n \n US$100\n \n million (the \"\n \n Offering\n \n \").\n \n \n 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 (\"\n \n HPDI\n \n \") 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.\n \n \n As part of the Offering,\n \n Westport's\n \n Directors, Officers, and the Company's largest shareholder,\n \n Kevin Douglas\n \n (and his affiliates), will enter into 90 day lock-up agreements.\n \n \n The Offering will be conducted through a syndicate of underwriters led by RBC Capital Markets and J.P. Morgan as joint bookrunners (collectively, the \"\n \n Lead Underwriter...