UQM Technologies Announces Results of Special Shareholders Meeting
April 23 2019 - 4:49PM
Business Wire
Shareholders Approve Merger with Danfoss
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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version on businesswire.com: https://www.businesswire.com/news/home/20190423005962/en/
Company Contacts:Chris WittyUQM Investor
Relations646-438-9385cwitty@darrowir.comDavid RosenthalUQM
Technologies, Inc.303-682-4900investor@uqm.com
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