UQM shareholders approve merger with Danfoss Power

LONGMONT — Shareholders of UQM Technologies Inc. (NYSE American: UQM), a developer of alternative-energy technologies, Tuesday approved the company’s merger with Danfoss Power Solutions (US) Co., a division of Danfoss A/S.

The approval came at a special meeting of UQM shareholders at the company’s headquarters in Weld County. A total of 39,144,717 shares were cast in favor of the transaction out of 56,197,188 total — or 69.65 percent of all shares outstanding as of the record date — either in person or by proxy. Of the total shares voted, 92.38 percent voted in favor of the transaction, the company said in a press release.

UQM expects the transaction to close in the second quarter of 2019, subject to customary closing conditions and regulatory approvals, including that of the Committee on Foreign Investment in the United States.

SPONSORED CONTENT

Select your Republic Services residential cart now!

In preparation for Republic Services becoming the primary provider of residential recycling, yard trimmings, and trash, residents should now select the best cart size and service schedule for their household needs.

Upon the closing of this transaction, shareholders will receive $1.71 per share of UQM held.

UQM announced the deal to be acquired by Denmark-based Danfoss in January.

“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,” Joe Mitchell, UQM Technologies’ president and CEO, said in a prepared statement. “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, in an April 16 filing with the U.S. Securities and Exchange Commission, revealed that it faces seven lawsuits challenging the merger, including four putative class-action lawsuits. The lawsuits claim that the company did not properly disclose certain information in its March 7 proxy statement.

UQM develops and manufactures power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine and industrial markets.