LONGMONT, Colo.--(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.”
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.