Westport Fuel Systems Secures $25M Equity Line of Credit
Dow Jones
4 hours ago
Westport Fuel Systems has secured a equity line of credit of up to $25 million with an affiliate of Roth Capital Partners as it looks to bolster its liquidity.
Through the agreement, the purveyor of automotive fuel systems and components has the option to issue and sell up to $25 million of its common shares to Roth Principal Investments by way of private placement.
The net proceeds would be used for working capital and general corporate purposes, it said. Westport can issue and sell shares at its discretion up to a cap of 19.99% of common shares outstanding, beyond which it would require shareholder approval, it said.
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