Corporate News Blog - Westport Fuel Systems Provides Revenue Guidance; Announces Offering of Common Shares

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Accesswire 17-Jul-2017 7:30 AM
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LONDON, UK / ACCESSWIRE / July 17, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Westport Fuel Systems Inc. (NASDAQ: WPRT), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=WPRT. The Company announced on July 14, 2017, that it expects revenues to be $57 million-$59 million for the quarter ended June 30, 2017, and cash balance to be approximately $87 million on June 30, 2017. The Company stated that it expects adjusted EBITDA to be positive in early 2018. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Westport and Fuel Systems merged in June 2016, bringing together two industry leaders. The new entity appointed Nancy Gougarty as CEO in July 2016.
Offering of Shares
On the same day, in a separate press release, Westport Fuel Systems announced that it intends to offer and sell common shares in an underwritten public offering. Westport Fuel Systems also expects to grant the underwriters a 30-day option to purchase additional common shares. Oppenheimer & Co. Inc. is acting as the sole book-running manager for the Offering. Craig-Hallum Capital Group LLC will act as the co-lead manager.
New Director at Place
On July 10, 2017, Westport Fuel Systems announced that Daniel M. Hancock has been appointed to the Company's Board of Directors, effective July 07, 2017. The appointment of Mr. Hancock, who was previously a member of Westport Fuel Systems'Advisory Board, increases the number of directors from eight to nine.
"Dan's knowledge and extensive experience in the automotive sector, combined with his familiarity with Westport Fuel Systems as a former Advisory Board member, will provide strategic acumen to further strengthen our Board during this transformative time in the Company," said Brenda Eprile, Chairman of the Board.
Mr. Hancock was appointed a member of the Westport Fuel Systems'Advisory Board in March of 2017 and is currently President of DMH Strategic Consulting LLC. Mr. Hancock retired from General Motors in 2011, after 43 years of service in General Motors's powertrain engineering and general management functions. During this period, he served as Chairman of General Motors s DMAX and VM Motori diesel engine joint ventures with Isuzu and Fiat, respectively.
Mr. Hancock now serves on boards and advisory positions with several organizations focusing on new powertrain technologies and STEM (Science, Technology, Engineering, and Mathematics) education. He was President of SAE International in 2014 and is a member of the National Academy of Engineering. He received a master's degree in mechanical engineering from Massachusetts Institute of Technology and a bachelor's degree also in mechanical engineering from General Motors Institute (now Kettering University), Michigan.
Last Close Stock Review

At the closing bell, on Friday, July 14, 2017, Westport Fuel Systems' stock tumbled 15.46%, ending the trading session at $1.64. A total volume of 9.01 million shares has exchanged hands, which was higher than the 3-month average volume of 774.96 thousand shares. The Company's stock price skyrocketed 54.72% in the last three months, 35.54% in the past six months, and 25.19% in the previous twelve months. Moreover, the stock soared 45.13% since the start of the year. The stock currently has a market cap of $180.75 million.

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