Canada-based fuel cell company Ballard Power Systems has closed its previously announced underwritten public offering in the U.S.
The company says the offering ultimately included 9,343,750 of its common shares and resulted in gross proceeds of approximately $15 million, which includes the exercise in full by the underwriters of their option to purchase up to an additional 15% of common shares to cover over-allotments.
Ballard expects net proceeds from the offering to be approximately $13.6 million, after deducting underwriting discounts, commissions and other estimated expenses. The company says it plans to use the funds 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.
Cowen and Company acted as the sole bookrunner for the offering. Roth Capital Partners, Lake Street Capital Markets and H.C. Wainwright & Co. acted as co-managers.
