Westport Fuel Systems (WPRT) Prices 18.2M Share Offering at $5.50

Westport Fuel Systems Inc. (Nasdaq: WPRT) announced the pricing of its previously proposed underwritten marketed public offering of common shares in the United States and Canada. The offering is comprised of 18,200,000 common shares at a price to the public of US $5.50 per share.

The Offering will be 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.

Westport Fuel Systems will also grant the Underwriters an option to purchase additional Common Shares representing up to 15% of the number of Common Shares to be sold pursuant to the Offering, to cover the Underwriters' over-allocation position, if any, and for market stabilization purposes. The option will be exercisable by the Underwriters for a period of 30 days following the closing of the Offering.

Westport Fuel Systems intends to use the net proceeds of the Offering primarily for capital expenditures to expand and automate the 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 is 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.

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