Blank-check company Yunhong International in an 8-K filing disclosed that Giga Energy has terminated the merger agreement between the parties.
The business combination had not been completed by July 30, which was the stated reason for calling off the deal.
Announced in May, the deal was valued at up to $7.35 billion. Giga Energy at the time said it had secured nearly $308 million from UK-based private investor Harvest Tech Investment Management.
Formerly known as Ares Motor Works, Giga Energy aims to accelerate transition of commercial and industrial vehicles to zero emissions and plans to be headquartered in Hangzhou, China. Read more.