Bookrunner Cowen raises funds for working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., July 7 – Ballard Power Systems Inc. said the underwriters for its public offering of stock opted to exercise the deal’s 15% greenshoe in full, lifting total proceeds of the offering to $14.95 million. The offering was announced June 30 and priced for $13 million with the greenshoe on July 1.
The company sold 9,343,750 common shares at $1.60 per share. The price per share reflects a 23.45% discount to the June 30 closing share price of $2.09. Of the shares, 1,218,750 were part of the fully exercised greenshoe.
Cowen and Co. was the bookrunning manager.
Proceeds will be used for working capital and other general corporate purposes.
Ballard is a Burnaby, B.C., manufacturer of fuel cell products.
| Issuer: | Ballard Power Systems Inc.
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| Issue: | Common stock
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| Amount: | $14.95 million, including $1.95 million greenshoe
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| Shares: | 9,343,750
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| Price: | $1.60
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| Warrants: | No
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| Bookrunner: | Cowen and Co.
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| Co-managers: | Roth Capital Partners, Lake Street Capital Markets and H.C. Wainwright & Co.
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| Announcement date: | June 30
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| Pricing date: | July 1
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| Settlement date: | July 7
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| Stock symbol: | Nasdaq: BLDP
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| Stock price: | $2.09 at close June 30
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| Market capitalization: | $212.14 million
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