Fuel Cell Maker Ballard Launches U.S. Offering

Posted by NGT Staff on July 02, 2015 No Comments
Categories : FYI

Shortly after revealing plans to launch an underwritten public offering in the U.S., Canada-based fuel cell manufacturer Ballard Power Systems has priced the offering of 8,125,000 common shares at $1.60 per share, for gross proceeds of approximately $13 million.

Ballard expects to use the net proceeds of approximately $11.8 million for working capital and other general corporate purposes, including the acquisition of, or investment in, companies, technologies, products or assets that complement Ballard's business. The offering is expected to close on or about July 7, subject to customary closing conditions.

Ballard has also granted the underwriters of the offering a 30-day option to purchase up to an additional 15% of the common shares offered in the offering to cover overallotments, if any.

Cowen and Company is acting as the sole bookrunner for the offering. Roth Capital Partners, Lake Street Capital Markets and H.C. Wainwright & Co. are acting as co-managers.

More information is available here.

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