LONGMONT, Colo.--(BUSINESS WIRE)--November 04, 2015--
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.
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*Seems the spike to previous resistance was met with a bailing from long held positions, or something...perhaps short selling in relation to purchase profits from 80c..time will tell , but testing thru 2016 will be a long wait until production in 2017 |
