Ballard Power Systems closes US $402.5M bought deal, passing US $5.4B valuation

CPE News (11/27/2020) – Ballard Power Systems (TSX/NASDAQ: BLDP) has completed its previously announced bought deal offering of 20,909,300 common shares at US $19.25 per share for gross proceeds of US $402,504,025, and which includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 2,727,300 common shares.

National Bank Financial Inc. and Raymond James Ltd. acted as joint bookrunners for the offering, with a syndicate of underwriters which included Cormark Securities Inc. and TD Securities Inc.

Stikeman Elliott LLP and Dorsey & Whitney LLP acted as Candian and US legal counsel respectively to Ballard while Borden Ladner Gervais LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP actins for the underwriters.

Immediately following the closing of the offering, Ballard will have 281,924,207 common shares issued and outstanding. At the offering price, Ballard is valued at US $5.427 billion.

As of April 6, 2020, Weichai Power Hong Kong International Development Co., Limited, the only entity with over 10% ownership, owned 46,131,712 shares, representing 18.9% of then issued and outstanding shares. Pursuant to an investor rights agreement entered into between Ballard and Weichai, Weichai is entitled to pre-emptive rights to maintain its current level of ownership. In addition to pre-emptive rights in connection with this offering, following the March 2020 ATM offering and the US $250 million September 2020 ATM offering, Weichai retains the right to acquire up to 6,123,600 common shares.

photo credit: Ballard Power Systems

News Release

Ballard Closes US$402.5 Million Bought Deal Offering of Common Shares

VANCOUVER, BC, Nov. 27, 2020 /CNW/ – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced the closing of the previously announced bought deal offering of 20,909,300 common shares of the Company (the “Common Shares”) at a price of US$19.25 per Common Share (the “Offering Price”) for gross proceeds of US$402,504,025 (the “Offering”), and which includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 2,727,300 Common Shares at the Offering Price.

National Bank Financial Inc. and Raymond James Ltd. acted as joint bookrunners for the Offering, with a syndicate of underwriters which included Cormark Securities Inc. and TD Securities Inc.

About Ballard Power Systems
Ballard Power Systems’ (NASDAQ: BLDP;TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks. To learn more about Ballard, please visit www.ballard.com.

SOURCE Ballard Power Systems Inc.

For further information: Guy McAree +1.604.412.7919, investors@ballard.com or media@ballard.com