Westport Fuel drops after launching $100 mln stock offering

Westport Fuel Systems

02/06/2021 12:30

** U.S.-listed shares of Westport Fuel Systems Inc  WPRT.O 
down >4% premarket as co looks to raise equity
    ** Canadian alternative energy producer after the bell Tues
launched $100 mln offering in U.S. and Canada  urn:newsml:reuters.com:*:nCNWPzxDba
    ** Co plans to use net offering proceeds primarily to fund
capex and invest in R&D for HPDI (high pressure direct
injection) products with hydrogen
    ** RBC and JP Morgan leading the offering, which is slated
to price Weds AMC
    ** Co has ~147.9 mln shares outstanding for about $1 bln
market cap
    ** WPRT shares on Tues rose 8% to $6.76, extending YTD gain
to ~27%. TSX-listed shares  WPRT.TO  on Tues gained 10.6% to
C$8.15
    ** WPRT shares have roughly halved from Feb intraday highs.
On Feb 8, stock jumped ~41% after Amazon.com  AMZN.O  ordered
1,000 natgas-powered engines for 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))