Westport Announces At-the-Market Equity Offering Program
VANCOUVER, British Columbia, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) (“Westport” or “The Company”) announces that it has established an
at-the-market equity offering program (the “ATM Program”) that allows the Company to issue and sell up to US$35,000,000 (or its Canadian dollar equivalent) of common shares of the Company (the
“Common Shares”) from treasury to the public, from time to time, at the Company’s discretion.
Distributions of the Common Shares under the ATM Program will be made pursuant to the terms of an equity distribution agreement dated September 13, 2024 (the “Distribution Agreement”) entered into among the Company and Craig-Hallum Capital Group LLC, H.C. Wainwright & Co., LLC (collectively the “U.S. Agents”) and Cormark Securities Inc. (the “Canadian Agent” and together with the U.S. Agents, the "Agents").
The ATM will allow Westport through the Agents, to, from time to time, offer and sell Common Shares, in Canada and the United States through the facilities of the TSX Stock Exchange ("TSX") and Nasdaq Global Select Markets ("Nasdaq"). The ATM Program will be effective until the earlier of: (i) the date that all of the Common Shares available for issue under the ATM Program have been sold; (ii) June 18, 2025; (iii) the date the Canadian Prospectus Supplement in respect of the ATM Program or the Canadian Base Shelf Prospectus is withdrawn; or (iv) the date that the ATM Program is terminated by the Company or the Agents.
The Company intends to use the net proceeds of the ATM Program primarily for funding investments in its hydrogen business, research and development and for general corporate purposes.
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, quoted or otherwise traded; or (ii) in ordinary brokers' transactions on the TSX. 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 offer and sale of the Common Shares under the ATM Program will be made by means of a prospectus supplement dated September 13, 2024 (the “Canadian Prospectus Supplement”) to the Company’s existing shelf prospectus dated May 18, 2023 (the “Canadian Base Shelf Prospectus”) and pursuant to a prospectus supplement dated September 13, 2024 (the “U.S. Prospectus Supplement”) to the Company’s U.S. base prospectus dated May 18, 2023 (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (File No. 333-271271) (the “Registration Statement”) and filed with the U.S. Securities and Exchange Commission (the “SEC”). The Canadian Prospectus Supplement and the Canadian Base Shelf Prospectus will be available on SEDAR+ at www.sedarplus.ca, and the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement will be available on EDGAR at http://www.sec.gov.