Quantum Fuel Systems (QTWW) Closes 17.2M Offering; Nets $6.8M
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Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) has completed the first closing of the previously announced underwritten public offering for proceeds to the Company, net of underwriting discounts and commissions, of approximately $6.8 million. The Company has used the net proceeds received at the First Closing to repay approximately $3.88 million of debt that matured today and the Company will use the remainder of the proceeds for general corporate purposes.
The full Offering consists of 17,200,000 shares of common stock (the "Common Stock"), 10,320,000 Series B warrants to purchase up to 10,320,000 shares of Common Stock (the "Series B Warrants") and 17,200,000 Series C warrants to purchase up to 17,200,000 shares of Common Stock and up to 8,084,000 additional Series B Warrants (the "Series C Warrants"). In this First Closing, the Company issued 8,740,000 shares of Common Stock, 5,244,000 Series B Warrants and 8,740,000 Series C Warrants. The Company expects to close the remainder of the Offering on March 21, 2012.
The full Offering consists of 17,200,000 shares of common stock (the "Common Stock"), 10,320,000 Series B warrants to purchase up to 10,320,000 shares of Common Stock (the "Series B Warrants") and 17,200,000 Series C warrants to purchase up to 17,200,000 shares of Common Stock and up to 8,084,000 additional Series B Warrants (the "Series C Warrants"). In this First Closing, the Company issued 8,740,000 shares of Common Stock, 5,244,000 Series B Warrants and 8,740,000 Series C Warrants. The Company expects to close the remainder of the Offering on March 21, 2012.
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