For each share purchased, investors will receive a warrant to purchase half a share of common stock with an exercise price of $2.13 per share, exercisable six months from the date of issuance and expiring four years and six months from the date of issuance.
The offer is expected to close Feb. 5. H.C. Wainright & Co. LLC acted as placement agent for the offering.
Friday’s announcement followed UQM’s quarterly financial report released Thursday in which the company reported revenue of $2.04 million for the fiscal third quarter ending Dec. 31. That was up from $1.9 million for the same period a year earlier.
Net loss for the third quarter was $66,000, or less than 1 cent per share. That’s compared to a $4.6 million loss for the same period a year ago.
“Our strong performance in the third quarter was the result of continued execution of our strategy to expand sales of our industry-leading products worldwide,´ said Eric Ridenour, UQM’s president and chief executive. “Our focus on new markets began to pay off this quarter with the delivery of our first units for electric buses to China and Indonesia. We are excited for the opportunities ahead and believe that our ongoing focus on product innovation, quality and costs positions us well for future growth.”
UQM stock was trading at $1.81 per share as of midday Friday, down 13.4 percent from Thursday’s close of $2.09.