By Devika Patel
Knoxville, Tenn., July 14 - Quantum Fuel Systems Technologies Worldwide Inc. raised $3 million a private placement of 11.5% convertible notes on July 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes are due on Aug. 31, 2010, but their maturity may be extended through Aug. 31, 2013, in which case the interest will drop to 9.5%. They are initially convertible into common shares at $0.71 per share.
WB QT, LLC is the investor. The company and the investor also amended a loan and previous convertible notes that WB QT had bought earlier.
Quantum Fuel is an engineering company based in Irvine, Calif.
| Issuer: | Quantum Fuel Systems Technologies Worldwide Inc.
|
| Issue: | Convertible notes
|
| Amount: | $3 million
|
| Maturity: | Aug. 31, 2010
|
| Coupon: | 11.5%
|
| Price: | Par
|
| Yield: | 11.5%
|
| Conversion price: | $0.71
|
| Warrants: | No
|
| Investor: | WB QT, LLC
|
| Settlement date: | July 10
|
| Stock symbol: | Nasdaq: QTWW
|
| Stock price: | $0.70 at close July 10
|
| Market capitalization: | $67.6 million
|
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