UQM Tech. (UQM) Prices 7.5M Shares at $4/Share
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UQM Technologies, Inc. (Amex: UQM) announced the pricing of its previously announced underwritten public offering of 7,500,000 shares of its common stock at a public offering price of $4.00 per share. In connection with the offering, the Company has also granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. is acting as the sole book-running manager for the offering and Thomas Weisel Partners LLC and JMP Securities LLC are acting as co-managers.
The offering will result in gross proceeds of $30.0 million and net proceeds, after deducting underwriting discounts and commissions and other offering expenses are expected to be approximately $27.6 million. If the underwriters exercise their over-allotment option in full, net proceeds from the offering will be approximately $31.8 million. The offering is subject to customary closing conditions and is expected to close on Wednesday, October 28, 2009.
The Company plans to use the net proceeds from this offering to expand manufacturing capacity, match funds for the Department of Energy Award under the American Recovery and Reinvestment Act, and for working capital and general corporate purposes.
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