Westport Files Replacement Preliminary Short Form Base Shelf Prospectus

Rhea-AI Summary

Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) has filed a preliminary short form base shelf prospectus with Canadian securities regulators. This prospectus replaces the current base shelf prospectus set to expire on April 16, 2023. Once finalized, it will enable Westport to offer up to USD$200 million in various securities, including common shares, preferred shares, and warrants for a period of 25 months. The purpose of the shelf prospectus is to provide the company with flexibility to access capital or issue securities for strategic acquisitions as needed. Currently, there are no offerings planned under this prospectus. All securities offered will not be registered under U.S. securities laws, and no sales will occur until the prospectus is effective.

Positive

• Opportunity to raise up to USD$200 million in capital through the new shelf prospectus.
• Enhanced flexibility for strategic acquisitions and financing needs over the next 25 months.

Negative

• No immediate offerings planned under the shelf prospectus could indicate a lack of current financial urgency.
• Securities not registered in the U.S. may limit potential investor interest.

VANCOUVER, British Columbia, April 14, 2023 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) announces it has filed a preliminary short form base shelf prospectus (once filed in final form and received by the relevant Canadian securities regulatory authorities, the “Shelf Prospectus”) with the securities commissions in each of the provinces and territories of Canada. The Company’s current base shelf prospectus and corresponding shelf registration statement expires on April 16, 2023.

The Shelf Prospectus, when made final, will allow Westport to offer up to USD$200,000,000 of common shares, preferred shares, subscription receipts, warrants, options or any combination thereof during the 25-month period that the Shelf Prospectus will be effective. The Shelf Prospectus will enable Westport to access new capital or issue securities in connection with strategic acquisitions if and when needed. The amount and timing of any future offerings or issuances will be based on the Company’s financial requirements and market conditions at that time.

The specific terms of any future offering or issuance under the Shelf Prospectus will be established at the time of such offering. There are currently no offerings or issuances planned under the Shelf Prospectus. At the time any of the securities covered by the Shelf Prospectus are offered for sale, a prospectus supplement containing specific information about the terms of such offering will be filed with applicable Canadian securities regulatory authorities. The securities covered by the Shelf Prospectus have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold in the United States or to United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. No securities may be sold, nor may offers to buy be accepted, prior to the time the Shelf Prospects becomes effective.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction. A copy of the preliminary short form base shelf prospectus can be found on SEDAR at www.sedar.com.

About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

Investor Inquiries:

Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

FAQ

What is the purpose of Westport Fuel Systems' new shelf prospectus filed on April 14, 2023?

The new shelf prospectus allows Westport to raise up to USD$200 million in capital through various securities offerings over 25 months.

How much capital can Westport Fuel Systems raise with the new shelf prospectus?

Westport Fuel Systems can raise up to USD$200 million through the new shelf prospectus.

When does the current base shelf prospectus for Westport Fuel Systems expire?

The current base shelf prospectus expires on April 16, 2023.

What types of securities can Westport Fuel Systems issue under the new shelf prospectus?

Westport can issue common shares, preferred shares, subscription receipts, warrants, or options under the new shelf prospectus.

What are the potential limitations of Westport Fuel Systems' new shelf prospectus for investors?

The securities offered under the shelf prospectus are not registered under U.S. securities laws, which may limit investor participation.