UQM Technologies Announces CFIUS Approval of Merger with Danfoss
25 Julio 2019 - 6:14PM
Business Wire
UQM Technologies, Inc. (NYSE American: UQM), a developer
of alternative energy technologies, today announced that by letter
dated July 25, 2019, the Company has received notice from the
Committee on Foreign Investment in the United States (“CFIUS”)
stating that CFIUS has cleared the previously announced merger
between the Company and a wholly owned subsidiary of Danfoss Power
Solutions (US) Company (“Danfoss”). In accordance with the Merger
Agreement, the companies have agreed that the closing will take
place on July 31, 2019. The process for Danfoss to purchase the
shares of common stock from the shareholders for $1.71 per share
will begin immediately thereafter.
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck,
bus, automotive, marine and industrial markets. A major emphasis
for UQM is developing propulsion systems for electric, hybrid
electric, plug-in hybrid electric and fuel cell electric vehicles.
UQM is IATF 16949 and ISO 14001 certified and located in Longmont,
Colorado. For more information, please visit www.uqm.com.
This Release contains statements that constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act.
These statements appear in a number of places in this Release and
include statements regarding our plans, beliefs or current
expectations; including those plans, beliefs and expectations of
our management with respect to, among other things, completion,
closing, administration and purchase of shares of the Company
pursuant to the announced transaction upon the terms and conditions
and within the timelines expected, the financial performance of
each of UQM and Danfoss through the completion of the Merger,
including in particular UQM’s cash flows and cash balances, the
timing of, and regulatory and other conditions associated with, the
completion of the merger, UQM’s extended history of losses and
current financial limitations, risks related to UQM’s intellectual
property and litigation and claims in which UQM or its principals
may become involved; and other factors that are described from time
to time in UQM’s periodic filings with the U.S. Securities and
Exchange Commission. Important Risk Factors that could cause actual
results to differ from those contained in the forward-looking
statements are contained in our Form 10-K and Form 10-Q’s, which
are available through our website at www.uqm.com or at
www.sec.gov.
Source: UQM Technologies, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20190725005946/en/
Company Contacts: Chris Witty UQM Investor Relations
646-438-9385 cwitty@darrowir.com
David Rosenthal UQM Technologies, Inc. 303-682-4900
investor@uqm.com
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