UQM Technologies Provides Update on CFIUS Status
LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE American: UQM) announced today that it, along with China National Heavy Duty Truck Group Co., Ltd. (CNHTC), have decided to jointly explore other options to accomplish their shared business goals in support of UQMs entry into the China New Energy Vehicle Market. The Committee on Foreign Investment in the United States (CFIUS) has informed UQM that they will likely not approve the second stage investment in its current form provided for in the previously announced stock purchase agreement signed by both parties on August 25, 2017.
The decision was made following further analysis and discussions with CFIUS relating to the transaction. As previously disclosed, the closing of the second stage investment is subject to, among other things, the receipt of certain regulatory and government approvals, including approval from CFIUS. UQM intends to engage CNHTC in discussions to pursue the possibility of alternative arrangements, including with respect to the contemplated joint venture for which UQMs funding obligation is contingent upon closing of the second stage investment.
We have worked jointly with CNHTC and CFIUS throughout this process, and we have not been able to come up with a resolution that satisfies the committees concerns regarding the second stage investment in UQM in ....