Ballard Completes Cross-Border $250M ATM Equity Program

Rhea-AI Summary

Ballard Power Systems (NASDAQ: BLDP) has successfully completed its at-the-market equity program, raising US$250 million in gross proceeds. The company issued 16,450,623 common shares at market prices during this program, which began on September 1, 2020. The net proceeds of approximately US$245 million will be allocated for general corporate purposes.

Ballard aims to advance fuel cell technology to promote sustainable energy solutions in multiple transportation sectors.

Positive

• Raised US$250 million through ATM equity program.
• Issued 16,450,623 common shares to the market.
• Net proceeds of US$245 million to support corporate initiatives.

Negative

• None.

VANCOUVER, BC, Sept. 30, 2020 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced that it has completed an at-the-market equity program (the "ATM Program") announced and entered into on September 1, 2020, raising total gross proceeds of US$250 million. Since the ATM Program was announced, the company has issued a total of 16,450,623 common shares ("Common Shares") from treasury, including 3,680,690 Common Shares on the Toronto Stock Exchange and 12,769,933 Common Shares on the Nasdaq stock exchange. The Common Shares were sold at prevailing market prices at the time of sale, for total gross proceeds of approximately US$250 million. 

Total net proceeds from the ATM Program of approximately US$245 million will be used for general corporate purposes.  

About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars, forklift trucks and UAVs. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning the use of proceeds from the ATM Program. These forward-looking statements reflect the Company's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving its business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form and Annual Report on Form 40-F. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.

View original content to download multimedia:http://www.prnewswire.com/news-releases/ballard-completes-cross-border-250m-atm-equity-program-301141607.html

SOURCE Ballard Power Systems Inc.

FAQ

What is the amount raised by Ballard Power Systems through the ATM Program?

Ballard Power Systems raised a total of US$250 million in gross proceeds through its ATM Program.

How many common shares did Ballard Power Systems issue in its recent equity program?

The company issued a total of 16,450,623 common shares during the ATM Program.

What will the proceeds from the ATM Program be used for?

The net proceeds of approximately US$245 million will be used for general corporate purposes.

When did Ballard Power Systems announce the start of the ATM Program?

Ballard Power Systems announced the start of the ATM Program on September 1, 2020.