Quantum Announces Closing of Public Offering
IRVINE, Calif., March 21, 2012 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW) (the “Company”) today announced that it has completed the second closing (the “Second Closing”) of the previously announced underwritten public offering (the “Offering”) for proceeds to the Company, net of underwriting discounts and commissions, of approximately $6.6 million. The Company will use the net proceeds received at the Second Closing for general corporate purposes.
The full Offering consists of 17,200,000 shares of common stock (the “Common Stock”), 10,320,000 Series B warrants to purchase up to 10,320,000 shares of Common Stock (the “Series B Warrants”) and 17,200,000 Series C warrants to purchase up to 17,200,000 shares of Common Stock and up to 8,084,000 additional Series B Warrants (the “Series C Warrants”), as well as an over-allotment option to purchase up to an additional 2,580,000 shares of Common Stock, and/or an additional 1,548,000 Series B Warrants and/or an additional 2,580,000 Series C Warrants. In this Second Closing, the Company issued 8,460,000 shares of Common Stock, 6,624,000 Series B Warrants (including 1,548,000 Series B Warrants issued pursuant to the underwriter’s exercise of its over-allotment option) and 11,040,000 Series C Warrants (including 2,580,000 Series C Warrants issued pursuant to the underwriter’s exercise of its over-allotment option).
Roth Capital Partners, LLC was the sole book-running manager for the Offering and Merriman Capital, Inc. acted as co-manager for the Offering.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (Registration No. 333-176772), including a base prospectus dated September 29, 2011, previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”), as supplemented by prospectus supplements dated March 15, 2012 and March 16, 2012. A copy of the prospectus and related supplements relating to the Offering may be obtained by accessing the SEC website, www.sec.gov, or from Roth Capital Partners, LLC, at 888 San Clemente Drive, Newport Beach, CA 92660, or by telephone at (949) 720-7194, or by e-mail at firstname.lastname@example.org.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
All statements included in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. Forward-looking statements can generally be identified by words such as “may,” “could,” “will,” “should,” “assume,” “expect,” “anticipate,” “plan,” “intend,” “believe,” “predict,” “estimate,” “forecast,” “outlook,” “potential,” or “continue,” or the negative of these terms, and other comparable terminology, and include statements regarding the anticipated use of proceeds from the offering. Although we believe the expectations and intentions reflected in our forward-looking statements are reasonable, we cannot assure you that these expectations and intentions will prove to be correct.
Various risks and other factors including those risks and uncertainties identified in the “Risk Factors” section of the final prospectus supplement we filed with the SEC on March 19, 2012, and in our Form 10-K for the eight month period ended December 31, 2011 that we will soon file with the SEC could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward-looking statements.
Many of the risk factors are beyond our ability to control or predict. You should not unduly rely on any of our forward-looking statements. These statements are made only as of this press release. Except as required by law, we are not obligated to publicly release any revisions to these forward-looking statements to reflect future events or developments. All subsequent written and oral forward-looking statements attributable to us and persons acting on our behalf are qualified in their entirety by the cautionary statements contained herein or in our public filings.
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum’s wholly owned subsidiary, Schneider Power Inc., and affiliate Asola Solarpower GmbH complement Quantum’s emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules. Quantum’s portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum’s powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Brion D. Tanous
Principal, CleanTech IR, Inc.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.