UQM Tech. (UQM) Announces Exercise of Over-Allotment Option by Underwriters: Additional 1.125M Shares at $4/Share
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UQM Technologies, Inc. (Amex: UQM) today announced that the underwriters of the Company's recent public offering of common stock exercised in full their over-allotment option to purchase an additional 1,125,000 shares of the Company's common stock at the previously announced public offering price of $4.00 per share, less underwriting discounts and commissions. The option was granted in connection with the Company's public offering of 7,500,000 shares. The closing of the sale of all 8,625,000 shares by the Company to the underwriters occurred earlier today.
Piper Jaffray & Co. acted as the sole book-running manager for the offering and Thomas Weisel Partners LLC and JMP Securities LLC acted as co-managers.
The Company received from the offering gross proceeds of $34.5 million and net proceeds, after deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately $31.8 million.
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Senter
Val on Nov 3, 2009 03:16 PMWhy were shareholders of record not offered the right to purchase additional shares at the $4.00 pricing?