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Westport Fuel Systems to Raise About $10 Million in Share, Warrant Offerings

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Westport Fuel Systems (WPRT) has agreed to sell about 4.9 million common shares, or pre-funded warrants in lieu thereof, in a registered direct offering and warrants to purchase up to about 4.9 million common shares in a concurrent private placement, for gross proceeds of about $10 million, the company said Monday.

The combined effective purchase price for each common share, or pre-funded warrant in lieu thereof, and associated private placement warrant is $2.06, the company said.

The offering is expected to close Tuesday. Westport plans to use the net proceeds from the offering for working capital and other general corporate purposes, the company said.

Shares of the company were down more than 21% in premarket trading.

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Westport Fuel Systems to Raise About $10 Million in Share, Warrant Offerings | FINWIRES