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Westport Innovations Inc. has announced the pricing of its common share offering. The shares will be sold at $17.50 (U.S.), bringing in about $106-million.

Recall that this is the offering that Westport CEO David Demers said was 'awkwardly' announced. Last Wednesday, the company released its second quarter earnings, and then subsequently announced it planned to raise common shares, but gave no indication of size or when they would come to market.

Just a day later, the firm did announce a formal marketed offering, but the stock price has since taken a hit. After earnings were announced, Westport's stock traded around $19.50. With the new offering priced at $17.50, buyers are getting the stock for about 10 per cent lower.

Although Westport's financing is being run out of the U.S., Morgan Stanley Canada and J.P. Morgan Securities Canada get a piece of it. That's because their U.S. offices are joint bookrunners on the deal.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 7:00pm EDT.

SymbolName% changeLast
MS-N
Morgan Stanley
+0.71%94.16

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