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Electro Energy settles default under convertibles sold to Quercus
By Devika Patel
Knoxville, Tenn., Dec. 23 - Electro Energy, Inc. cured its default with Quercus Trust on Dec. 8 in regard to certain senior secured convertible debentures, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company entered into an agreement with QEEI, LLC, an affiliate of Quercus Trust, and will turn over all of its assets located in, and associated with, its operations in Gainesville Fla., in exchange for the cancellation of all warrants issued to Quercus and the cancellation and full satisfaction of the debentures issued to Quercus.
Based in Danbury, Conn., Electro Energy develops hybrid battery technologies.
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