Quantum Technologies, Inc. (Nasdaq: QTWW) has entered into private placement with institutional investors for 6.1 million shares of the company’s common stock at $1.64 per share and warrants to purchase 2.1 million shares of the company’s common stock.
The warrants are exercisable six months from closing and at any time and from time to time for seven years thereafter at an exercise price of $2.36. Additionally, investors can purchase, for a period that extends until 45 trading days after the shares become registered, an additional 1.8 million shares at a price of $1.64. The purchase of these additional shares would include an additional 0.6 million warrants. Quantum and its subsidiary, Tecstar Automotive Group, are leaders in powertrain engineering, system integration, and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles.
Quantum has product commercialization alliances with General Motors, AM General, and Sumitomo. Quantum’s customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, AeroVironment, and the U.S. Army.
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