Quantum Fuel Technologies: $3 Million in Registered Direct Offering

Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) will sell common stock and warrants for gross proceeds of $3 million in a registered direct offering with Crede CG III, Ltd.

According the release:

Under the Offering, the Company will issue to Crede 4,918,032 shares of common stock and a warrant to initially purchase up to an aggregate of 2,950,819 shares of common stock. The purchase price per share of common stock equaled the Company’s consolidated closing bid price on May 15, 2013 of $0.61. The warrant has a five-year term, and is immediately exercisable at a price of $0.671 per share.  The holder of the warrant may, at any time after 30 days from the issuance of the warrant until its expiration, elect to exchange all or part of the warrant for, at the Company’s option, cash or shares of common stock (provided certain conditions are satisfied), or a combination thereof, equal to the value of the warrant at the time of the exchange based on a prescribed Black-Scholes formula. If the number of shares of common stock required to settle the exchange would exceed 19.99% of the issued and outstanding shares prior to the closing of the Offering, then the value of the shares in excess of such limit may be settled by the Company in cash or by delivery of a one-year 10% unsecured promissory note.

Click here to view the full release.