ANNOUNCEMENT 09 May 2018
On May 9 2018, UQM Technologies announced its decision withdraw an investment agreement after failing to receive approval from CFIUS.
NUMBER OF INTERVENTIONS
UQM Technologies, Inc., Form 8-K, May 9, 2018, SEC Filing. Available at: https://www.sec.gov/Archives/edgar/data/315449/000031544918000025/uqm-20180509x8k.htm
UQM Technologies Press Release, UQM Technologies Announces The Closing Of First Stage Investment By China National Heavy Duty Truck Group Co., Ltd., Form 8-K, Ex-99.1, SEC Filing. Available at: https://www.sec.gov/Archives/edgar/data/315449/000031544917000051/uqm-20170925ex991cdba6f.htm
On 9 May 2018, UQM Technologies, Inc. issued a press release announcing that UQM and China National Heavy Duty Truck Group Co., Ltd. (CNHTC) have jointly decided to withdraw their investment agreement after the Committee on Foreign Investment in the United States (CFIUS) “has informed UQM that the second stage investment would likely not be approved in its current form”.
The first stage of the investment gave CNHTC a 9.9% ownership in UQM. The second stage investment would increase CNHTC’s ownership in UQM to 34%. Concerning this second stage investment, the president and CEO of UQM Joe Mitchell said: “We are now actively engaged to obtain approvals from our shareholders and from the Committee on Foreign Investment in the United States (CFIUS), so that we can finalize the second stage investment from CNHTC. This will allow us to execute on our strategy to become a major player in the electric vehicle propulsion market in China.”
CFIUS is an inter-agency committee of the United States Government that is authorized to review the national security implications of foreign investments in U.S. companies or operations.