Westport closes $10 million registered direct offering and concurrent private placement

VANCOUVER, British Columbia, June 23, 2026 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport" or the "Company") (TSX:WPRT / Nasdaq: WPRT), today announced that it has closed the previously announced sale of 1,600,000 common shares and 3,254,369 pre-funded warrants in a registered direct offering, and warrants to purchase up to 4,854,369 common shares in a concurrent private placement, priced at-the-market under Nasdaq rules. The combined effective purchase price for each common share or pre-funded warrant and associated private placement warrant is US$2.06. The private placement warrants have an exercise price of US$2.06 per common share, are immediately exercisable and will expire two years following the date of issuance.

Subject to limited exceptions, a holder of warrants does not have the right to exercise any portion of its warrants if the holder would beneficially own in excess of 9.99% of the number of Westport common shares outstanding immediately after giving effect to such exercise. Craig-Hallum acted as the sole placement agent for the offering. The gross proceeds to Westport from the offering were approximately US$10 million, before deducting the placement agent’s fees and other offering expenses payable by Westport.

Westport intends to use the net proceeds from the offering for working capital and other general corporate purposes.  In addition, if the holders of the private placement warrants exercise such warrants in full in cash, the Company would receive additional gross proceeds of approximately US$10 million, before deducting the placement agent’s fees. The Company cannot predict when or if the private placement warrants will be exercised for cash or exercised at all. It is possible that the private placement warrants may expire and may never be exercised.

The securities offered in the registered direct offering (but not the private placement warrants issued in the concurrent private placement or the shares issuable upon exercise of such private placement warrants) were offered pursuant to a prospectus exemption from applicable Canadian securities laws and a shelf registration statement on Form F-3 (File No. 333-289669) previously filed with the United States Securities and Exchange Commission (“SEC”) on August 15, 2025 and declared effective on August 22, 2025 . The offering of the securities in the registered direct offering was made only by means of a prospectus supplement that forms a part of the registration statement. The prospectus supplement relating to the securities offered in the registered direct offering has been filed with the SEC by Westport.

Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained from Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 323 North Washington Ave., Suite 300, Minneapolis, MN 55401, by telephone at (612) 334-6300 or by email at prospectus@chlm.com, or at the SEC’s website at www.sec.gov . The private placement warrants issued in the concurrent private placement, and the common shares issuable upon exercise of such warrants, were offered in a private placement under a prospectus exemption from applicable Canadian securities laws and Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and/or Regulation D promulgated thereunder. The private placement warrants and the common shares issuable upon the exercise of the warrants have not been registered under the Act or other applicable securities laws and may not be offered or sold in the United States or Canada absent registration or an applicable exemption from registration or prospectus requirements, as applicable.