UQM shareholders approve acquisition by Hong Kong firm

LONGMONT – Shareholders of UQM Technologies Inc. (NYSE: UQM) on Tuesday approved the $48 million sale of a majority stake of the company to a subsidiary of Hong Kong-based Hybrid Kinetic Group Ltd.

Longmont-based UQM first announced the deal in June. The sale involves the issuance of 66.5 million newly issued shares of UQM common stock to American Compass Inc. That will amount to roughly 58 percent of UQM’s common stock, or 54 percent on a fully diluted basis.

UQM will remain a standalone publicly traded company, with HKG’s subsidiary American Compass Inc. getting to nominate five of nine members of the…