Westport Fuel Systems Prices Offering of Common Shares
July 14 2017 - 8:27AM
Westport Fuel Systems Inc. (“
Westport Fuel
Systems”) (TSX:WPRT) (Nasdaq:WPRT) today announced the
pricing of its offering of common shares in the United States (the
“Offering”). Westport Fuel Systems will offer 16,700,000 common
shares at a price of US$1.50 per share, for gross proceeds of
US$25,050,000. Westport has granted the underwriters of the
Offering an option to purchase up to an additional 2,505,000 common
shares at the Offering price during the period ending 30 days from
the closing of the Offering. No common shares have been
or will be sold or offered in Canada or to any resident of Canada
pursuant to the Offering.
Oppenheimer & Co. Inc. is acting as the sole book-running
manager for the Offering. Craig-Hallum Capital Group LLC is acting
as the co-lead manager. The common shares issued under the offering
will be listed on The NASDAQ Global Select Market. Westport Fuel
Systems has applied to the Toronto Stock Exchange for the
additional listing of the common shares issued under the Offering,
which listing will be subject to fulfillment of all of the listing
requirements of the exchange. The Offering is expected to close on
or about July 19th subject to customary conditions.
The Offering is being made only by means of Westport Fuel
Systems final prospectus supplement and accompanying short form
base shelf prospectus. When available, copies of the U.S.
prospectus supplement can be accessed through the U.S. Securities
and Exchange Commission (the "SEC") website at
www.sec.gov or from Oppenheimer & Co. Inc., Attention:
Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New
York, New York 10004, by telephone at 212-667-8563, or by e-mail at
EquityProspectus@opco.com, and copies of the Canadian prospectus
supplement are available at www.sedar.com.
Certain directors and executive officers of Westport Fuel
Systems intend to purchase common shares in the Offering or
pursuant to a non-brokered private placement in Canada (the
“Concurrent Private Placement”). The Concurrent Private Placement
does not form part of the Offering. The closing of the Concurrent
Private Placement is expected to take place concurrently with the
closing of the Offering. The common shares issued pursuant to the
Concurrent Private Placement will be subject to a seasoning period
or statutory hold period, as applicable. Westport Fuel Systems has
applied to The NASDAQ Global Select Market and the Toronto Stock
Exchange for the additional listing of the common shares issued
under the Concurrent Private Placement, which listing will be
subject to fulfillment of all of the listing requirements of the
exchanges.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
common shares of Westport Fuel Systems in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About Westport Fuel SystemsAt Westport Fuel
Systems, we are driving innovation to power a cleaner tomorrow. We
are inventors, engineers, manufacturers and suppliers of advanced
clean-burning fuel systems and components that can change the way
the world moves. Our technology delivers performance, fuel
efficiency and environmental benefits to address the challenges of
global climate change and urban air quality. Headquartered in
Vancouver, Canada, we serve our customers in more than 70 countries
with leading global transportation brands. At Westport Fuel
Systems, we think ahead. For more information, visit
www.wfsinc.com.
This press release contains forward-looking statements,
including statements regarding the completion of, benefits and
timing of the referenced offering or the concurrent private
placement. These statements are neither promises nor guarantees,
but involve known and unknown risks and uncertainties and are based
on both the views of management and assumptions that may cause our
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activities, performance or achievements expressed in or implied by
these forward looking statements. These risks and uncertainties
include risks, and are based on assumptions, related to our revenue
growth, operating results, industry and products, the general
economy, conditions of and access to the capital and debt markets,
governmental policies and regulation, technology innovations,
fluctuations in foreign exchange rates, operating expenses, the
availability and price of natural gas, global government stimulus
packages, the acceptance of and shift to natural gas
vehicles, the actions and determinations of our joint venture
and development partners, as well as other risk factors and
assumptions that may affect our actual results, performance or
achievements or financial position discussed in our most recent
Annual Information Form, the preliminary prospectus supplement and
other filings with securities regulators. Readers should not place
undue reliance on any such forward-looking statements, which speak
only as of the date they were made. We disclaim any obligation to
publicly update or revise such statements to reflect any change in
our expectations or in events, conditions or circumstances on which
any such statements may be based, or that may affect the likelihood
that actual results will differ from those set forth in these
forward looking statements except as required by National
Instrument 51-102. The contents of any website, RSS feed or twitter
account referenced in this press release are not incorporated by
reference herein.
Investor Inquiries:
Caroline Sawamoto
Manager, Investor Relations
Westport Fuel Systems
T: +1 604-718-2046
invest@wfsinc.com
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