Liquidmetal Shareholders Approve Authorized Share Increase Facilitating $55M Investment
By Business Wire News
By Business Wire News
RANCHO SANTA MARGARITA, Calif.
Liquidmetal® Technologies, Inc. (OTCQB: LQMT) (“LQMT”), on March 10, 2016, LQMT announced that it had closed on a financing transaction of up to $63.4 million (initial closing occurring on March 10, 2016 in the amount of $8.4 million, with a commitment for an additional investment in the amount of $55.0 million subject to an increase in authorized shares to be approved by shareholders). The investment was made by Professor Lugee Li in conjunction with a cross-licensing agreement with DongGuan EONTEC Co., Ltd. (“EONTEC”), a publicly traded company on the Shenzhen Stock Exchange (300328.sz). Professor Li is also the Chairman and majority stockholder of EONTEC.
LQMT held its annual shareholder meeting on May 18, 2016, and shareholders approved the increase in the Company’s authorized shares from 700,000,000 to 1,100,000,000 shares. This increase in authorized shares now allows the Company to issue common stock to fund the remaining $55 million investment.
“With the increase in authorized shares, we are now poised to close on the remaining $55 million investment committed by Professor Li,” said Thomas Steipp, President and CEO at LQMT. “We are very excited about the ongoing partnership we are building with EONTEC and look forward to finalizing the investment transaction.” continued Mr. Steipp.
For more information, please refer to our Form 8-K describing the transaction filed with the Securities and Exchange Commission on May 20, 2016.
About Liquidmetal Technologies
Liquidmetal Technologies, Inc. is the leading developer of amorphous alloys that utilize the performance advantages offered by amorphous alloy technology. Amorphous alloys are unique materials that are distinguished by their ability to retain a random structure when they solidify, in contrast to the crystalline atomic structure that forms in ordinary metals and alloys. Liquidmetal Technologies is the first company to produce amorphous alloys in commercially viable bulk form, enabling significant improvements in products across a wide array of industries. For more information, go to www.liquidmetal.com.
This press release contains “forward-looking statements,” including but not limited to statements regarding the advantages of Liquidmetal’s amorphous alloy technology, scheduled manufacturing of customer parts and other statements associated with Liquidmetal’s technology and operations. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Liquidmetal’s expectations and projections. Risks and uncertainties include, among other things; customer adoption of Liquidmetal’s technologies and successful integration of those technologies into customer products; potential difficulties or delays in manufacturing products incorporating Liquidmetal’s technologies; Liquidmetal’s ability to fund its current and anticipated operations; the ability of third party suppliers and manufacturers to meet customer product requirements; general industry conditions; general economic conditions; and governmental laws and regulations affecting Liquidmetal’s operations. Additional information concerning these and other risk factors can be found in Liquidmetal’s public periodic filings with the U.S. Securities and Exchange Commission, including the discussion under the heading “Risk Factors” in Liquidmetal’s 2015 Annual Report on Form 10-K.
Liquidmetal Technologies, Inc.