Westport Fuel Systems Announces the Establishment of an At-the-Market Equity Offering Program

VANCOUVER, British Columbia, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. ("Westport" or "the Company") announced today that the Company has established an at-the-market equity offering program (the "ATM Program") that allows the Company to issue up to US$50 million (or the equivalent in Canadian dollars) of common shares ("Common Shares")  from treasury to the public from time to time, at the Company's discretion and subject to regulatory requirements. Any Common Shares sold through the ATM Program will be sold at prevailing market prices when issued (i) in ordinary brokers' transactions on the Nasdaq Global Select Market (“Nasdaq”) or another U.S. marketplace on which the Common Shares are listed, quoted or otherwise traded or (ii) in ordinary brokers' transactions on the Toronto Stock Exchange (“TSX”), or another Canadian marketplace on which the Common Shares are listed, quoted or otherwise traded. Since the Common Shares will be distributed at the prevailing market prices at the time of their sale or as otherwise permitted by law, prices may vary among purchasers and during the period of distribution.

The Company intends to use the net proceeds from the ATM Program, if any, to fund additional development of its High Pressure Direct Injection (“Westport HPDI 2.0^TM” or “HPDI”) technology and capital investment to meet growing HPDI demand, research and development, and general corporate purposes.

Sales of Common Shares through the ATM Program will be made pursuant to the terms of an Equity Distribution Agreement dated November 9, 2020 entered into among the Company, RBC Dominion Securities Inc., RBC Capital Markets, LLC, Oppenheimer & Co. Inc. and H.C. Wainwright & Co., LLC (the "Agents"). The ATM Program will be effective until the earlier of (i) the date that all Common Shares available for issue under the ATM Program have been sold, (ii) March 20, 2021, (iii) the date the Canadian Prospectus Supplement in respect of the ATM Program or the Canadian Shelf Prospectus is withdrawn and (iv) the date that the ATM Program is terminated by the Company or the Agents.

Common Shares issued pursuant to the ATM Program will be issued pursuant to a prospectus supplement dated November 9, 2020 (the "Canadian Prospectus Supplement") to the Company's amended and restated final base shelf prospectus dated October 27, 2020 filed with the securities commissions or similar regulatory authorities in each of the provinces of Canada except Quebec and the Company’s final base shelf prospectus dated October 27, 2020 filed with the securities regulatory authority in Quebec (collectively, the "Canadian Shelf Prospectus") and pursuant to a prospectus supplement dated November 9, 2020 (the "U.S. Prospectus Supplement") to the Company's U.S. base prospectus dated October 27, 2020 (the "U.S. Base Prospectus") included in its registration statement on Form F-10 (the "Registration Statement")  and filed with the U.S. Securities and Exchange Commission (the "SEC"). The Canadian Prospectus Supplement and the Canadian Shelf Prospectus will be available for download from SEDAR at www.sedar.com, and the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement will be accessible via EDGAR on the SEC’s website at www.sec.gov. Alternatively, any of the following Agents participating in the ATM Program will arrange to send you these documents if you request it by contacting, in Canada: