Ballard Announces Prices 9M Unit Offering at $1.40/Unit
Ballard Power Systems (NASDAQ: BLDP) has announced that it has priced an underwritten
offering (the Offering) of 9,000,000 units at a price of U.S. $1.40 per
unit, for gross Offering proceeds of approximately U.S. $12.6 million.
Each unit in the Offering is comprised of one common share and 0.25 of a
warrant to purchase one common share. The common shares and warrants
are immediately separable and will be issued separately, and no units
will be issued or certificated. Each whole warrant is exercisable
immediately upon issuance, having a five-year term and an exercise
price of U.S. $2.00 per share. The warrants will be certificated and
will be delivered to the investors by physical delivery following the
close. There is no established public trading market for the warrants
and we do not expect a market to develop.
Ballard has granted the underwriters of the Offering a 30-day option to
purchase up to an additional 15% of shares and warrants for
over-allotments, if any. The net proceeds to Ballard from the Offering
are expected to be approximately U.S. $11.5 million, after deducting
underwriting discounts, commissions and other estimated offering
expenses and assuming no exercise of the underwriters'