UQM Technologies Announces Successful Close of Financing Offering for Net Proceeds of $5,800,000
By Business Wire News
By Business Wire News
UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors, today announced that it closed the previously announced offering of common stock and warrants to certain institutional investors, raising net proceeds of $5.8 million.
“The closing of this financing represents a critical financial step for UQM,” said Joseph R. Mitchell, UQM Technologies’ Interim President and Chief Executive Officer. “The proceeds from this transaction will enable us to continue to execute on our commercial strategy and new business development plan. It was especially important to facilitate our newly formed partnership with ITL Efficiency Corporation and provided a crucial capital infusion enabling us to move ahead with this very exciting opportunity.”
The financing provided for the issuance and sale of 8,000,000 units consisting of an aggregate of 8,000,000 shares of UQM common stock and common stock purchase warrants to purchase 4,000,000 shares of its common stock. The warrants have an exercise price of $1.31 per share and are exercisable at any time beginning April 30, 2016 through October 30, 2020. The units were sold at a purchase price of $0.80 per units, for aggregate gross proceeds of $6.4 million.
About UQM Technologies, Inc.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, military and industrial markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO 14001 certified and located in Longmont, Colorado.
Please visit www.uqm.com for more information.
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations; including those plans, beliefs and expectations of our management with respect to, among other things, the successful execution of our commercial strategy, new business development plan and recently announced partnership with ITL. Important factors that could cause actual results to differ from those contained in the forward-looking statements include the ability to timely resolve any technical challenges of integrating UQM products into ITL electric drive systems, the responsiveness of customers to ITL’s products, the timing and quantity at which ITL issues binding purchase orders under the long-term supply agreement and other factors described in our Form 10-K and Form 10-Q’s under the heading “Risk Factors”, which are available through our website at www.uqm.comor at www.sec.gov.
The Blueshirt Group
Shawn Severson, 415-489-2198
UQM Technologies, Inc.
David I. Rosenthal, 303-682-4900