Company sells 3,322,479 shares at $1.5049 apiece to Nisshinbo Holdings
By Devika Patel
Knoxville, Tenn., Oct. 27 – Ballard Power Systems Inc. said it has arranged a $5 million private placement of stock with Nisshinbo Holdings Inc.
The company will sell 3,322,479 common shares at $1.5049 per share. The price per share is a 2.28% discount to $1.54, the Oct. 26 closing share price and was based on a 10-day volume weighted average price calculation, the company said in a press release.
Settlement is expected in early November.
Proceeds will be used for general corporate purposes, including potential acquisitions or investments.
Ballard is a Burnaby, B.C., manufacturer of fuel cell products.
| Issuer: | Ballard Power Systems Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 3,322,479
|
| Price: | $1.5049
|
| Warrants: | No
|
| Investor: | Nisshinbo Holdings Inc.
|
| Pricing date: | Oct. 27
|
| Stock symbol: | Nasdaq: BLDP
|
| Stock price: | $1.54 at close Oct. 26
|
| Market capitalization: | $212.94 million
|
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