Westport Fuel prices $100 mln equity offering
03/06/2021 10:58
** U.S.-listed shares of Westport Fuel Systems Inc WPRT.O
down >2% premarket after follow-on prices
** Canadian alt-energy producer offers 18.2 mln shares at
$5.50 in U.S. and Canada for $100 mln raise urn:newsml:reuters.com:*:nGNE7vS7Bn
** Offering prices at 6.5% discount to stock's Weds close
** Co plans to use net proceeds primarily to fund capex and
invest in R&D for HPDI (high pressure direct injection) products
with hydrogen
** Offering represents ~12% of co's total shares outstanding
** RBC and JP Morgan acted as jt bookrunners
** WPRT shares on Weds fell 13%, cutting YTD gain to ~10%.
TSX-listed shares WPRT.TO closed at C$7.08 on Weds
** WPRT shares off >50% from Feb highs. Stock on Feb 8
surged ~41% after Amazon.com AMZN.O ordered 1,000
natgas-powered engines for its U.S. fleet urn:newsml:reuters.com:*:nL4N2KE2UL
urn:newsml:reuters.com:*:nL1N2KB2ZH
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))