UQM Technologies, Inc. (NYSEMKT:UQM) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ME Staff 8-k
UQM Technologies, Inc. (NYSEMKT:UQM) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03CREATION OF A DIRECT FINANCIAL OBLIGATION.
On March 15, 2017, UQM Technologies, Inc. (“UQM” or the “Company”) entered into a non-revolving line of credit for $5.6 million with a bank. The interest rate is variable based upon the one month LIBOR rate plus 4.0% per annum on the outstanding balance. Interest is payable monthly. The non-revolving line of credit will expire on March 15, 2019 and the amounts repaid during the term of the loan may not be reborrowed. At the expiry date, all outstanding principal and interest amounts are due. The loan may be paid in full before the expiration date with no penalties. The loan is secured by the Company’s manufacturing facility and requires that the building be listed for sale and that the Company maintain liquid assets of a minimum of $1.5 million at the end of each quarter starting on June 30, 2017.
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About UQM Technologies, Inc. (NYSEMKT:UQM) UQM Technologies, Inc., (UQM) develops, manufactures and sells electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, military and industrial markets. The Company’s focus is incorporating its technology as propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, delivering the heart of the electric vehicle. UQM’s principal products include propulsion motors and generators with power ratings from 50 kilowatts to 250 kilowatts, auxiliary motors and electronic controls and direct current (DC)-to-DC converters. The Company has developed two basic frame size propulsion systems: the PowerPhase Pro for passenger car, light commercial applications, light duty marine and other lighter duty applications, and the PowerPhase HD lineup of products for heavier commercial bus and truck applications and heavier duty marine and other applications. UQM Technologies, Inc. (NYSEMKT:UQM) Recent Trading Information UQM Technologies, Inc. (NYSEMKT:UQM) closed its last trading session up +0.029 at 0.479 with 16,504 shares trading hands.