Westport Innovations (NASDAQ: WPRT ) has put a price tag on its new common stock issue. The company will sell the 6 million shares it is floating in the underwritten public offering for $25.39 per share. Additionally, the issue's underwriters have been granted a 30-day purchase option for up to an additional 900,000 shares.
Westport said it plans to use its take from the potential $175.2 million gross proceeds of the issue "to finance future growth opportunities including acquisitions and investments, to finance our capital expenditures, to reduce our outstanding indebtedness, for working capital purposes or for general corporate purposes."
Currently, Westport has nearly 56.5 million shares outstanding, and its stock most recently closed at $24.93 per share.