Westport Raises $10M in $2.06 Share Offering with $10M Warrant Placement
WPRT•Westport will sell 4,854,369 common shares at US$2.06 in a registered direct offering generating about US$10 million, with Craig-Hallum as sole placement agent and expected closing on June 23, 2026. A concurrent private placement issues warrants exercisable at US$2.06 for two years, potentially adding another US$10 million if fully exercised.
1. Registered Direct Offering
Westport has agreed to sell 4,854,369 common shares (or pre-funded warrants) at US$2.06 per unit in a registered direct offering, expected to close on or about June 23, 2026. Craig-Hallum Capital Group LLC is acting as sole placement agent, and gross proceeds are projected at approximately US$10 million before fees and expenses.
2. Concurrent Private Placement Warrants
In a concurrent private placement, Westport will issue warrants to purchase up to 4,854,369 common shares at US$2.06 per share. The warrants will be immediately exercisable, expire two years after issuance, and include a 9.99% ownership cap per holder.
3. Use of Proceeds and Potential Upside
Net proceeds from the registered direct offering will fund working capital and general corporate purposes. If private placement warrants are fully exercised for cash, Westport would receive an additional US$10 million in gross proceeds, subject to exercise timing and warrant expiration.
