Ballard Power Systems Inc (NASDAQ:BLDP) Announced Pricing Of Underwritten Offering
Ballard Power Systems Inc (NASDAQ:BLDP) announced the pricing on an under-written offering of 9,000,000 units at $1.40 per unit. The gross proceeds of the offering are around $12.6M.
Every unit of the offering is made up of one common-share and a warrant of 0.25 to buy one common share. These warrants and common shares are separable with immediate effect and they will be issued independent of each other. None of the units will be certificated or issued. Every whole warrant will be exercisable as soon as it is issued and will have a 5-year term. The exercise price will be $2.00/share. These warrants will all be certified and investors will receive them once the offering has been closed. The expected close date of the offering will be either on or around 9 October 2013 and will be subject to all customary closing conditions.
Friday’s trading session
In Friday’s trading, Ballard Power Systems Inc (NASDAQ:BLDP) dropped by 15.43%. The opening price of the shares was $1.41, which was also the intraday high and dipped to a close of $1.37. Approximately 6.49 million shares were traded on Friday while an average volume of 1.08 million shares were traded over a 30 day period. The 52-week low of Ballard Power Systems Inc (NASDAQ:BLDP) shares is $0.56 and its 52-week high is $2.39. The company has a market capitalization of $136.06
About the company
Ballard Power Systems Inc (NASDAQ:BLDP) is involved in designing, developing, manufacturing, sales and servicing of fuel-cell products that are used in numerous applications. The company focuses on motive-power and stationary-power. It is also involved in developing and commercializing Proton Exchange Membrane fuel-cell. It provides various engineering services for different fuel-cell applications. Ballard Power Systems Inc (NASDAQ:BLDP) operates in 2 segments: 1) Fuel-Cell Products and 2) Material Products. Its services and product include fuel-cell stacks, fuel-cell modules, material-products, and various engineering services.