UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”),
a developer of alternative energy technologies, today announced that,
during a special meeting of UQM shareholders held today, April 23, 2019
at the Company’s offices in Longmont, Colorado, shareholders approved
the merger of UQM with Danfoss Power Solutions (US) Company (a division
of Danfoss A/S, (“Danfoss”)). A total of 39,144,717 shares were cast in
favor of the transaction out of 56,197,188 total – or 69.65% of all
shares outstanding as of the record date – either in person or by proxy.
Of the total shares voted, 92.38% voted in favor of the transaction. A
complete report of the voting results will be filed with the SEC. UQM
currently expects the transaction to close in the second quarter of
2019, subject to satisfaction of customary closing conditions and
regulatory approvals including that of the Committee on Foreign
Investment in the United States (“CFIUS”). Upon the closing of this
transaction, shareholders will receive $1.71 per share of UQM held.
“I am very pleased that UQM shareholders overwhelming voted in favor of
our merger with Danfoss, setting the stage for this transformational
event to proceed,” said Joe Mitchell, UQM Technologies’ President and
Chief Executive Officer. “We will now work to complete the final
government approval with CFIUS to conclude the acquisition. We look
forward to working together with Danfoss on the development of our
technology, penetration of new markets, and advancement of the electric
vehicle industry worldwide. I’d like to once again thank our
longstanding investors for their great support and approval of this
groundbreaking transaction.”
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 of 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, including approval by CFIUS, 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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