UQM Technologies, Inc. (NYSEMKT:UQM) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02Termination of a Material Agreement.
On December 26, 2016, UQM Technologies, Inc. (the Company)
terminated the Amended and Restated Stock Issuance and Purchase
Agreement (the Agreement) dated as of September 26, 2016, between
the Company and American Compass, Inc., a subsidiary ofHybrid
Kinetic Group Limited (Buyer), because a number of the conditions
to close had not been satisfied or waived prior to the December
25, 2016 deadline specified in the Agreement (the End Date). to
the terms and conditions of the now-terminated Agreement, Buyer
had agreed to purchase 66,500,000 newly issued shares of common
stock of the Company for aggregate consideration of
$47,880,000.Had the transaction closed and the shares been
issued, they would have equaled approximately 58% of the Companys
common stock.
Among the closing conditions under the Agreement that were not
satisfied or waived by the End Date were (a) the approval by the
Companys shareholders of an amendment to the Companys Articles of
Incorporation to reduce the voting requirements for future
amendments to the Articles of Incorporation and other corporate
actions from the current two-thirds threshold to a majority
threshold, and (b) completion of the approval process by the U.S.
Committee on Foreign Investment in the United States.The Company
did not incur any penalties under the Agreement for terminating
it after the End Date.
A copy of the press release announcing the termination is
included as Exhibit 99.1 to this report.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
The following exhibit is furnished as part of this Current Report
on Form 8-K.
|
Exhibit No. |
Description of Exhibit |
|
99.1 |
Press Release datedDecember 27, 2016 |
1
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 00.000 at 0.473 with 106,298 shares trading hands.