Why Westport Fuel Systems Inc's Shares Popped 16% Today

Why Westport Fuel Systems Inc's Shares Popped 16% Today

Shares of natural gas engine technology company Westport Fuel Systems Inc (NASDAQ: WPRT) jumped as much as 15.7% in trading Friday after the company announced a new loan and business agreement. At 11:10 a.m. EST, shares were still up 14% for the day. 

The biggest announcement was a $20 million secured term loan agreement with Export Development Canada. The loan will carry an interest rate of 9% plus fees, which is extremely high in today's low-interest-rate environment, but the rate could fall to 6% if the company meets certain undisclosed milestones. 

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Source: Fool.com