Hydrogenics Issues $84 Million in New Equity

February 02, 2004 by Jeff Shepard

Hydrogenics Corp. (Toronto, Canada), a designer and manufacturer of fuel cell technology, announced plans to sell 11 million shares for $84 million. The shares will be priced at US$5.75 each, or CDN$7.63, and provide net proceeds of US$60 million to the company, excluding the underwriters' over-allotment option. The underwriters have an option to buy up to 1.65 million additional shares for about CDN$12.6 million in gross proceeds.