UQM Technologies prices 7.5M common stock offering
UQM Technologies prices 7.5M common stock offering at $4 per share
- On 1:06 pm EDT, Friday October 23, 2009
FREDERICK, Colo. (AP) -- UQM Technologies Inc., which makes generators and electric motors, on Friday priced its 7.5 million share common stock offering at $4 per share, an 8.4 percent discount from its Thursday stock closing price.
Shares of the company fell 42 cents, or 8.2 percent, to $4.68 in afternoon trading.
The company also granted underwriters a 30-day option to purchase up to an additional 1.125 million shares of common stock to cover overallotments, if any.
UQM expects the offering and underwriters option to collectively generate net proceeds of $31.8 million, which it plans to use to expand manufacturing capacity, match funds for the Department of Energy Award, and for working capital and general corporate purposes.
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