Offer consists of 15% senior subordinated promissory notes, warrants
By Devika Patel
Knoxville, Tenn., Oct. 19 - Quantum Fuel Systems Technologies Worldwide, Inc. completed a private placement of 15% senior subordinated promissory notes on Oct. 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The notes were sold in two tranches, with an initial closing on Oct. 13.
The $4.05 million in notes are due Dec. 31, 2010.
Investors also received five-year warrants for 724,065 shares, which are each exercisable at $0.67. The strike price reflects a premium of 9.84% to $0.61, the Oct. 12 closing share price.
Proceeds will be used for general working capital.
Quantum Fuel is an engineering company based in Irvine, Calif.
| Issuer: | Quantum Fuel Systems Technologies Worldwide, Inc.
|
| Issue: | Senior subordinated promissory notes
|
| Amount: | $4,045,000
|
| Maturity: | Dec. 31, 2010
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | For 724,065 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.67
|
| Settlement dates: | Oct. 13, Oct. 19
|
| Stock symbol: | Nasdaq: QTWW
|
| Stock price: | $0.61 at close Oct. 13
|
| Market capitalization: | $89.63 million
|
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