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BRIEF-UQM Technologies signs stock purchase agreement with CNHTC
August 28, 2017 / 11:41 AM / 2 months ago

BRIEF-UQM Technologies signs stock purchase agreement with CNHTC

Aug 28 (Reuters) - UQM Technologies Inc

* UQM Technologies announces the signing of a definitive stock purchase agreement with China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”), parent company of Sinotruk, a leading chinese commercial vehicle manufacturer

* UQM Technologies Inc - ‍upon closing of second stage, CNHTC will have right to nominate up to three of eight total directors to UQM’s board of directors​

* UQM Technologies Inc - ‍purchase price is $0.95 per share​

* UQM Technologies Inc - ‍total transaction will bring approximately $28.3 million in cash to UQM​

* UQM Technologies Inc - ‍terms of agreement were unanimously approved by boards of directors of both companies​

* UQM Technologies Inc - ‍UQM shareholders will continue to hold their shares in UQM, and UQM stock will continue to be traded on NYSE market​

* UQM Technologies Inc - ‍UQM and CNHTC intend to form a joint venture for manufacture and sales of electric propulsion systems in china​ Source text for Eikon: Further company coverage:

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