Ballard Closes US$402.5 Million Bought Deal Offering of Common Shares

Ballard Power Systems announced the successful closing of a bought deal offering, raising US$402.5 million by issuing 20,909,300 common shares at a price of US$19.25 per share.

Rhea-AI Summary

Ballard Power Systems announced the successful closing of a bought deal offering, raising US$402.5 million by issuing 20,909,300 common shares at a price of US$19.25 per share. This includes an over-allotment exercise by underwriters, which bought an additional 2,727,300 common shares. National Bank Financial and Raymond James served as joint bookrunners for the offering, which aims to support the company's vision of delivering zero-emission fuel cell power for various mobility applications.

Positive

• Gross proceeds of US$402.5 million will support growth initiatives.
• Successful over-allotment exercise indicates strong demand.

Negative

• Shareholder dilution due to the addition of 20,909,300 new common shares.

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VANCOUVER, BC, Nov. 27, 2020 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced the closing of the previously announced bought deal offering of 20,909,300 common shares of the Company (the "Common Shares") at a price of US$19.25 per Common Share (the "Offering Price") for gross proceeds of US$402,504,025 (the "Offering"), and which includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 2,727,300 Common Shares at the Offering Price.

National Bank Financial Inc. and Raymond James Ltd. acted as joint bookrunners for the Offering, with a syndicate of underwriters which included Cormark Securities Inc. and TD Securities Inc.

About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks. To learn more about Ballard, please visit www.ballard.com.

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SOURCE Ballard Power Systems Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the purpose of the Ballard Power Systems offering on November 27, 2020?

The offering aimed to raise funds for growth initiatives related to zero-emission fuel cell power.

How much money did Ballard Power Systems raise in their recent offering?

Ballard Power Systems raised US$402.5 million from the sale of common shares.

What was the price per share in Ballard's recent offering?

The offering price was US$19.25 per common share.

Who were the underwriters for Ballard Power Systems' offering?

National Bank Financial and Raymond James acted as joint bookrunners for the offering.

What impact will the offering have on current shareholders of Ballard Power Systems?

Current shareholders may experience dilution due to the issuance of new shares.