Deal sells shares with warrants to finance general corporate purposes
By Devika Patel
Knoxville, Tenn., May 16 - Quantum Fuel Systems Technologies Worldwide, Inc. arranged a $3 million registered direct offering of stock with Crede CG III, Ltd., according to a prospectus supplement filed Thursday with the Securities and Exchange Commission. Roth Capital Partners, LLC is the agent.
The company will sell 4,918,032 common shares at $0.61 per share, which is a 1.61% discount to the May 15 closing share price of $0.62.
Crede will also receive five-year warrants for 2,950,819 shares. The warrants are each exercisable at $0.671, an 8.23% premium to the May 15 closing share price.
Settlement is expected May 16.
Proceeds will be used for working capital and other general corporate purposes.
Irvine, Calif.-based Quantum Fuel develops and produces natural gas fuel storage systems and vehicle system technologies, including engine and vehicle control systems and drivetrains.
| Issuer: | Quantum Fuel Systems Technologies Worldwide, Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 4,918,032
|
| Price: | $0.61
|
| Warrants: | For 2,950,819 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.671
|
| Agent: | Roth Capital Partners, LLC
|
| Investor: | Crede CG III, Ltd.
|
| Pricing date: | May 16
|
| Settlement date: | May 16
|
| Stock symbol: | Nasdaq: QTWW
|
| Stock price: | $0.62 at close May 15
|
| Market capitalization: | $30.06 million
|
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