Quantum Technologies Announces 1-for-4 Reverse Stock Split
LAKE FOREST, Calif., July 30, 2013
LAKE FOREST, Calif., July 30, 2013 /PRNewswire/ --Quantum Fuel Systems
Technologies Worldwide, Inc. (Nasdaq: QTWW) (the "Company") announced today
that its Board of Directors has approved the implementation of a 1-for-4
reverse stock split of its common stock, following approval by the Company's
stockholders on July 25, 2013. The reverse stock split will be legally
effective at 11:59 p.m. on July 30, 2013 (the "Effective Date"). The
split-adjusted shares of the Company's common stock will begin trading on
NASDAQ on July 31, 2013. The Company's shares will continue to trade under the
symbol "QTWW." A new CUSIP number has been assigned to the Company's common
stock as a result of the reverse stock split.
As a result of the reverse stock split, immediately upon the Effective Date
each four shares of the Company's outstanding common stock will automatically
be combined into one share, without any change to the par value per share. In
addition, the reverse stock split will effect a proportionate adjustment to
the number of shares of common stock the Company is authorized to issue, the
per share exercise price and the number of shares issuable upon the exercise
of outstanding warrants and stock options and vesting of restricted stock
awards, and the number of shares eligible for issuance under the Company's
2011 Stock Incentive Plan.
"We are pleased our stockholders approved the reverse stock split which will
enable us to regain compliance with Nasdaq's continued listing requirements
regarding the $1.00 minimum bid price," stated Brian Olson, Quantum's
President and Chief Executive Officer. "We adopted a 1-for-4 ratio in order to
minimize the potential impact of the reverse. We remain excited about the
progress we are making in the business and opportunities in front of us and
believe this momentum coupled with the resulting increase in our share price
will provide broader appeal of our stock to investors, particularly
Broadridge Corporate Issuer Solutions, Inc. will act as the Company's Exchange
Agent in connection with the reverse split. Stockholders will receive the
notices, forms and instructions regarding the exchange of their pre-split
shares for post-split shares from the Exchange Agent or their broker. No
fractional shares will be issued. Stockholders who otherwise would be entitled
to receive fractional shares will automatically be entitled to receive cash in
lieu of the fractional share.
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the
innovation, development and production of natural gas fuel storage systems and
the integration of vehicle system technologies including engine and vehicle
control systems and drivetrains. Quantum produces one of the most innovative,
advanced, and light‐weight compressed natural gas storage tanks in the world
and supplies these tanks, in addition to fully‐integrated natural gas storage
systems, to truck and automotive OEMs and aftermarket and OEM truck
integrators. Quantum provides low emission and fast‐to‐market solutions to
support the integration and production of natural gas fuel and storage
systems, hybrid, fuel cell, and specialty vehicles, as well as modular,
transportable hydrogen refueling stations. Quantum is headquartered in Lake
Forest, California, and has operations and affiliations in the United States,
Canada, and India.
More information about the products and services of Quantum can be found at
http://www.qtww.com/ or you may contact:
Brion D. Tanous
CleanTech IR, Inc.
©2013 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
25242 Arctic Ocean Drive, Lake Forest, CA 92630
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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