WPRT - Westport Fuel Systems shares down on $100M equity raise

Westport Fuel Systems (WPRT) -2.7% premarket, has priced previously public offering of 18.2M common shares in the United States and Canada at $5.50 per share, for gross proceeds of ~$100M. Underwriters' over-allotment option is an additional 15% of the common shares. Net proceeds will be used for capital expenditures to expand and automate the production capacity of the company’s high-pressure direct injection ((HPDI)) products to meet customer demand, and to advance the research and development of the Company's HPDI technology.The remainder of the funds will be used for potential acquisitions of bolt-on businesses, to further strengthen the balance sheet as well as for general corporate purposes.Offering is expected to close on June 8, 2021.

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Westport Fuel Systems shares down on $100M equity raise