© maxwell technologies (illustration purposes only) Components | April 11, 2017
Maxwell signs USD 47 million equity investment agreement
Maxwell Technologies signed a stock purchase agreement with SDIC Fund Management.
SDIC Fund Management has significant investments in China's energy storage industry, including top battery companies, major system integrators in the new energy market, as well as OEMs in the China auto and grid industries. Following the closing of the transaction, SDIC Fund Management's ownership stake in Maxwell's common stock is anticipated to represent approximately 19.9 percent of Maxwell's total issued and outstanding shares of common stock on a pre-issuance basis. The purchase price is USD 6.32 per share, which represents a 16 percent premium over today's closing price, and will bring approximately USD 46.6 million in cash to Maxwell before transaction costs. The closing of the transaction is subject to usual and customary conditions and is subject to approval by the Committee on Foreign Investment in the United States ("CFIUS") and, if required, relevant Chinese governmental authorities. The transaction is expected to close in the third quarter of 2017. "This strategic investment by SDIC Fund Management greatly strengthens our position in multiple areas," said Dr. Franz Fink, Maxwell's President and Chief Executive Officer. "SDIC Fund Management's investment allows us to sufficiently invest in strategic technology development as well as expand our collaboration in Asia, targeting China as one of the largest and fastest growing energy storage markets. Their expertise and resources in the new energy market in China will assist us in accelerating several of our strategic initiatives to make us a much stronger global competitor. The funding will also help foster significant partnerships with industry leaders in automotive and energy storage and positions us to capitalize on the unprecedented upside dry electrode opportunity. This is a great win for our shareholders, partners, customers, and employees." "We are delighted to partner with Maxwell Technologies," said Mr. Gao Guohua, Chairman of SDIC Fund Management. "We conducted comprehensive diligence, concluding that Maxwell has a world-class team with the vision and sound strategy needed to leverage their innovative dry electrode technology. We believe this technology has the potential to transform energy storage, addressing a substantial market opportunity, especially in China. We are excited about Maxwell's future growth prospects and the value that each party brings to this new alliance."
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