Ballard Sets Price for Common Stock Public OfferingMarch 05, 2000 by Jeff Shepard
Ballard Power Systems Inc. (Vancouver, BC) recently announced that it has set the price for the previously announced public offering of 3,245,000 shares of its common stock at $105 (CDN $153.84) per share. Closing of the offering is scheduled for March 2, 2000.
According to the company, the net proceeds from the offering will be approximately $324,540,562 (CDN $475,484,377). Ballard intends to use the net proceeds of the offering for commercialization programs with strategic partners, research and product development for transportation, stationary and portable-power applications, the development of manufacturing processes, and general corporate purposes. A portion of the net proceeds may also be used to pursue acquisition opportunities, including intellectual property, that have strategic value.