Quantum Fuel Systems Tech Worldwide Inc (NASDAQ:QTWW) Prices Its Public Offering
The $129 million market capped alternate fuel systems manufacturer Quantum Fuel Systems Tech Worldwide Inc (NASDAQ:QTWW) announced in a press statement that it has priced its secondary public offer of its common stock of 22.05 million shares at $7.05 per share. The stock was trading at $8.03 per share as of close of business on 17th February, and has been range bound between $7.87 and $8.48 over the past 12 months.
The firm has also set aside close to 0.3 million shares of common stock as option for its underwriters to exercise in the event of a over subscription. The offer as announced previously is expected to close on 20th February. From this exercise the clean energy provider is expecting to raise close to $14.5 million proceeds which it wants to use the proceeds to fund its corporate working and other operational expenses. It has appointed the services of Craig-Hallum Capital Group LLC as underwriter for this offer and retained the services of Ascendiant Capital Markets, LLC as its financial advisor to help it successfully manage the public offer.
Quantum Fuel Systems Operations
Quantum Fuel Systems Tech Worldwide Inc (NASDAQ:QTWW) has developed fuel storage systems which are equipped to store, transport and use fuel generated from natural gas. The firm has also pioneered the porting of these clean energy fuel systems onto vehicle platforms which include engines, and drive trains. Its flag ship product is a best of the breed fuel tank which is made of proprietary material, which allows storage of natural gas and is easy to assemble on to trucks and other automobiles which are designed to be powered by natural gas. This Lake Forest, California, headquartered firm has tried to run a lean manufacturing setup by leveraging the best of manpower from across the globe including workforce from its Canada, and India operations.