- UQM Technologies (NYSEMKT:UQM) has signed a definitive stock issuance and purchase agreement with American Compass, a subsidiary of Hybrid Kinetic Group (OTC:FESTF).
- The deal calls for HKG to purchase newly issued common shares that will represent 58% of UQM, and 54% on a fully-diluted basis, for a purchase price is $0.72 per share.
- The transaction will bring approximately $48M in cash to the company and requires approval by two-thirds of UQM's outstanding shares as well as the shareholders of HKG.
- UQM +28.6% premarket