Westport Receives Nasdaq Notification Regarding Minimum Bid Price Compliance and Announces Board of Director Approval of Share Consolidation
April 26 2023 - 6:56PM
Westport Fuel Systems Inc. (“Westport” or the "Company") (TSX:WPRT
/ Nasdaq: WPRT) a global leader in low-emissions alternative fuel
transportation technologies announced today that on April 26, 2023,
it received a written notice (“Notification”) from The Nasdaq Stock
Market LLC (“Nasdaq”) notifying that it is currently not in
compliance with the minimum bid price requirement set forth under
Nasdaq Listing Rule 5450(a)(1) (“Nasdaq Listing Rule”). The Company
also announced that the Board has approved a consolidation of the
Company’s issued and outstanding common shares at a consolidation
ratio of 10-for-1 (the “Share Consolidation”).
Notification
The Notification has no immediate impact on the
listing of the Company’s common shares, which will continue to
trade on the Nasdaq. In accordance with applicable Nasdaq
procedures, the Company has a period of 180 calendar days, or until
October 23, 2023, to regain compliance with the Nasdaq Listing
Rule. To regain compliance, the Company's ordinary shares must have
a closing bid price of at least US$1.00 for a minimum of 10
consecutive business days.
Westport’s business operations are not affected
by the receipt of the Notification and the Company fully intends to
resolve the deficiency and regain compliance with the Nasdaq
Listing Rule. The Company's shares are also listed on the Toronto
Stock Exchange, and the Notification does not affect the Company's
compliance status with such a listing.
Share Consolidation
Westport’s board of directors has approved a
Share Consolidation of the Company's issued and outstanding common
shares on a ten-to-one (10:1) basis. Under the terms of the
consolidation, every ten (10) common shares of the Company’s
outstanding shares will be consolidated into one (1) common share.
The Share Consolidation will reduce the number of outstanding
common shares of the Company from 171,719,337 to approximately
17,171,934, subject to rounding for fractional shares. The Share
Consolidation is being undertaken to increase its attractiveness to
institutional investors and provide the Company with a path to
regain compliance with Nasdaq’s minimum bid requirement.
The Share Consolidation is subject to approval
by the Toronto Stock Exchange and the Nasdaq and is expected to
become effective in early June. Shareholders do not need to take
any action with respect to the consolidation, as the process will
be completed automatically through the Company's transfer
agent.
Upon completion of the consolidation, the
Company's common shares will continue to trade on the Toronto Stock
Exchange and Nasdaq under the same ticker symbols.
About Westport Fuel
SystemsAt Westport Fuel Systems, we are driving innovation
to power a cleaner tomorrow. We are a leading supplier of advanced
fuel delivery components and systems for clean, low-carbon fuels
such as natural gas, renewable natural gas, propane, and hydrogen
to the global automotive industry. Our technology delivers the
performance and fuel efficiency required by transportation
applications and the environmental benefits that address climate
change and urban air quality challenges. Headquartered in
Vancouver, Canada, with operations in Europe, Asia, North America,
and South America, we serve our customers in more than 70 countries
with leading global transportation brands. At Westport Fuel
Systems, we think ahead. For more information, visit
www.wfsinc.com.
Forward Looking Information
This press release contains forward-looking statements,
including statements regarding Westport's intentions regarding
future compliance with Nasdaq Listing Rules and the implementation
of the Share Consolidation. These statements are neither promises
nor guarantees but involve known and unknown risks and
uncertainties and are based on both the views of management and
assumptions that may cause our actual results, levels of activity,
performance, or achievements to be materially different from any
future results, levels of activities, performance or achievements
expressed in or implied by these forward-looking statements. These
risks, uncertainties and assumptions include those related to the
trading price of our shares, our priorities, and available options
regarding increasing the trading price and liquidity of our shares,
as well as other risk factors and assumptions that may affect our
actual results, performance or achievements discussed in our most
recent Annual Information Form and other filings with securities
regulators. Readers should not place undue reliance on any such
forward-looking statements, which speak only as of the date they
were made. We disclaim any obligation to publicly update or revise
such statements to reflect any change in our expectations or in
events, conditions, or circumstances on which any such statements
may be based, or that may affect the likelihood that actual results
will differ from those set forth in these forward-looking
statements except as required by National Instrument 51-102. The
contents of any website, RSS feed or twitter account referenced in
this press release are not incorporated by reference herein.
Inquiries:
Investor RelationsT: +1
604-718-2046E: invest@wfsinc.com
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