Key Developments For Quantum Fuel Systems Technologies Worldwide, Inc.
Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW.O) (Consolidated Issue listed on NASDAQ Global Market)
Quantum Fuel Systems Technologies Worldwide, Inc. Announces Letter Of Intent For $20 Million
Quantum Fuel Systems Technologies Worldwide, Inc. announced that it and its subsidiary, Quantum Solar Energy, Inc. (Quantum Solar), has entered into a non binding letter of intent with New Energy Systems, LLC (NES), which sets forth the terms by which NES would invest $20 million in Quantum Solar in exchange for a 34% ownership interest in Quantum Solar. Quantum Solar will use the investment proceeds to establish a state of the art solar photovoltaic module manufacturing facility in Irvine, California, with an expected annual capacity of 45 MW.
Quantum Fuel Systems Technologies Worldwide, Inc. To Acquire Schneider Power Inc
Quantum Fuel Systems Technologies Worldwide, Inc. and Schneider Power Inc. announced the signing of a definitive business combination agreement under which Quantum has agreed to acquire in a stock for stock exchange all of the outstanding common shares of Schneider Power. Quantum, through a wholly owned Canadian subsidiary, will acquire by way of Plan of Arrangement all the outstanding common shares of Schneider Power being approximately 71.0 million common shares, and Quantum will assume all of Schneider Power's outstanding warrants. The purchase price payable by Quantum is 0.236 of a Quantum common share for each Schneider Power common share. As a result, upon closing of the transaction, Quantum will issue approximately 16.8 million common shares and reserve an additional 2.0 million common shares for issuance upon exercise of the assumed warrants.
Quantum Fuel Systems Technologies Worldwide, Inc. Announces All-Wheel Drive Diesel Hybrid Electric Drive System
Quantum Fuel Systems Technologies Worldwide, Inc. announced that it has introduced a fuel efficient, high performance diesel hybrid electric powertrain, Q-Force, after six years of development. This 4-wheel drivetrain can be configured for specialized military as well as commercial applications.
Quantum Fuel Systems Technologies Worldwide, Inc. Announces NASDAQ's Acceptance of Plan To Regain Compliance
Quantum Fuel Systems Technologies Worldwide, Inc. announced that The Nasdaq Stock Market (Nasdaq) has accepted the Company's plan to regain compliance with Nasdaq Listing Rule 5250(c)(1), and that it has regained compliance with the minimum bid price Listing Rule 5450(a)(1), both of which were previously disclosed in a Press Release dated September 18, 2009. In a letter to the Company dated October 2, 2009, Nasdaq Staff indicated that based upon its review of materials submitted to Nasdaq by the Company on September 25, 2009, an exception has been granted to enable the Company to regain compliance with the exchange's listing standards set forth in Listing Rule 5250(c)(1) (the Rule). In order to regain compliance with the Rule, the Company must file both its Form 10-K for the period ended April 30, 2009 and its 10-Q for the period ended July 31, 2009 (the Delinquent Reports) on or before January 25, 2010. The Company plans to file the Delinquent Reports as soon as practicable, but no later than January 25, 2010. On October 6, 2009, the Company received a separate letter from Nasdaq notifying the Company that it has regained compliance with Nasdaq's $1.00 minimum bid rule and that this matter is now closed.
Quantum Fuel Systems Technologies Worldwide, Inc. Receives Nasdaq Notices Related to Late Filing of Form 10-Q
Quantum Fuel Systems Technologies Worldwide, Inc. announced that it received a letter from The Nasdaq Stock Market (Nasdaq) on September 14, 2009, notifying the Company that it is currently not in compliance with the Nasdaq Marketplace Rule 5250(c)(1) because it has not filed its Form 10-Q for the period ended July 31, 2009 in a timely manner. Under Nasdaq rules, the Company has 60 calendar days, or until November 13, 2009, to submit a plan to regain compliance. The Company is also delinquent in filing its 10-K for the fiscal year ended April 30, 2009 that was due on July 29, 2009 (the Initial Delinquent Filing). Therefore, any Nasdaq exception to allow the Company to regain compliance, if granted, will be limited to 180 calendar days from the due date of the Initial Delinquent Filing, or January 25, 2010. The Company anticipates that it will file its plan to regain compliance within the 60 calendar day period.
