Innovative Equity Offering Program by Westport Fuel Systems Inc.
Westport Fuel Systems Inc. Launches New Equity Offering
Westport Fuel Systems Inc. (NASDAQ: WPRT) is excited to announce its initiation of an at-the-market equity offering program. This initiative is designed to permit the company to issue and sell up to $35 million worth of common shares, providing an excellent opportunity for potential investors.
Details of the Equity Offering Program
The at-the-market equity offering program (ATM Program) allows Westport to strategically issue shares at its discretion over time, enhancing its capital-raising capabilities. The arrangement will primarily be executed through an equity distribution agreement with reputable firms, including Craig-Hallum Capital Group LLC and H.C. Wainwright & Co., alongside Cormark Securities Inc.
Usage of Proceeds from the Offering
Westport plans to allocate the net proceeds from the ATM Program mainly to bolster its investments in hydrogen technologies, support research and development efforts, and meet general corporate needs. This move underscores the company’s commitment to advancing clean fuel solutions.
How and Where Shares Will Be Sold
Common shares offered through the ATM program will be sold at the prevailing market prices on marketplaces such as Nasdaq and the TSX Stock Exchange. It's essential to note that the pricing may vary for different purchasers, reflecting market conditions at the time of each share sale.
Duration and Terms of the ATM Program
The ATM Program will remain active until one of the following occurs: all allocated common shares are sold, a specific future date, or if the program is terminated earlier by the company or its agents. This flexibility allows Westport to adapt to market conditions while maximizing its fundraising potential.
About Westport Fuel Systems
At Westport Fuel Systems, the focus is on fostering innovation to facilitate a cleaner future. The company stands as a significant supplier of advanced fuel delivery components for low-carbon fuels such as natural gas, propane, and hydrogen, positively impacting global transportation. With its headquarters in Vancouver and operations across multiple continents, Westport serves a diverse clientele situated in over 70 countries.
Frequently Asked Questions
What is the purpose of Westport's ATM Program?
The ATM Program allows Westport to issue and sell common shares, aiming to raise capital primarily for its hydrogen business and R&D efforts.
How much capital is Westport aiming to raise through this program?
Westport is looking to raise up to $35 million in equity through the ATM Program.
Who will facilitate the sale of the shares?
The sale of shares will be facilitated by Craig-Hallum Capital Group, H.C. Wainwright & Co., and Cormark Securities Inc.
Where can investors purchase the shares?
Shares will be sold on platforms including the Nasdaq and TSX Stock Exchange at prevailing market prices.
What are common shares, and why are they important?
Common shares represent ownership in a company, providing holders with voting rights and dividends. They are crucial for raising capital for expansion and business activities.
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