VANCOUVER, BC, Sept. 30, 2020 /CNW/ - Ballard Power Systems
(NASDAQ: BLDP) (TSX: BLDP) today announced that it has
completed an at-the-market equity program (the "ATM Program")
announced and entered into on September 1,
2020, raising total gross proceeds of US$250 million. Since the ATM Program was
announced, the company has issued a total of 16,450,623 common
shares ("Common Shares") from treasury, including 3,680,690 Common
Shares on the Toronto Stock Exchange and 12,769,933 Common Shares
on the Nasdaq stock exchange. The Common Shares were sold at
prevailing market prices at the time of sale, for total gross
proceeds of approximately US$250
million.
Total net proceeds from the ATM Program of approximately
US$245 million will be used for
general corporate purposes.
About Ballard Power Systems
Ballard Power Systems'
(NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for
a sustainable planet. Ballard zero-emission PEM fuel cells are
enabling electrification of mobility, including buses, commercial
trucks, trains, marine vessels, passenger cars, forklift trucks and
UAVs. To learn more about Ballard, please visit
www.ballard.com.
This release contains forward-looking statements concerning the
use of proceeds from the ATM Program. These forward-looking
statements reflect the Company's current expectations as
contemplated under section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Any such forward-looking statements are based on Ballard's
assumptions relating to its financial forecasts and expectations
regarding its product development efforts, manufacturing capacity,
and market demand.
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including
general economic and regulatory changes, detrimental reliance on
third parties, successfully achieving its business plans and
achieving and sustaining profitability. For a detailed discussion
of these and other risk factors that could affect Ballard's future
performance, please refer to Ballard's most recent Annual
Information Form and Annual Report on Form 40-F. Readers should not
place undue reliance on Ballard's forward-looking statements and
Ballard assumes no obligation to update or release any revisions to
these forward looking statements, other than as required under
applicable legislation.
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SOURCE Ballard Power Systems Inc.