Westport Fuel Systems has closed a US$10 million registered direct offering and concurrent private placement. The offering consisted of 1,600,000 common shares and 3,254,369 pre-funded warrants in the registered direct offering, along with warrants to purchase up to 4,854,369 common shares in the private placement, with a combined effective purchase price of US$2.06 per share or pre-funded warrant and associated warrant. The private placement warrants have an exercise price of US$2.06 per share, are immediately exercisable, and expire in two years. Craig-Hallum acted as sole placement agent. Westport intends to use the net proceeds for working capital and general corporate purposes, and if the private placement warrants are fully exercised for cash, the company could receive an additional US$10 million in gross proceeds.
Westport Fuel Systems IncClosed a US$10 million offering, providing additional working capital and potential for further funds if warrants exercised.