Brief: UQM Technologies executes on its China expansion strategy

Hybrid Kinetic

28/06/2016 23:26

June 28 (Reuters) - UQM Technologies Inc  UQM.A : 
    * UQM Technologies Inc executes on its china expansion 
strategy with announcement of definitive agreement with hybrid 
kinetic group limited to invest $48 million in UQM 
    * Purchase price is $0.72 per share 
    * UQM Technologies Inc says terms of agreement were 
unanimously approved by boards of directors of both companies 
    * Transaction will bring approximately $48 million in cash 
to UQM 
    * Following closing of deal, UQM's board will be increased 
to nine directors 
    * Hkg, through unit, to purchase newly issued UQM common 
shares that will represent 58% of uqm,54% on fully-diluted basis 
    * UQM Technologies Inc says uqm's headquarters will remain 
in Longmont, Colorado 
    * UQM Technologies Inc says BDA partners is acting as 
financial advisor to UQM 
    * Agreement calls for HKG to purchase newly issued uqm 
common shares that will represent 58% of UQM, and 54% on a 
fully-diluted basis 
 
Source text for Eikon:  ID:nBwbpSjWsa  
Further company coverage:  UQM.A  
 
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