Bestpath (Shanghai) IoT Technology Co., Ltd. and Aquaron Acquisition announced that they have entered into a merger agreement at an initial equity value of approximately $1.2 billion.
Bestpath develops hydrogen fuel cell powered vehicles in China.
Aquaron raised $50 million in an October IPO to focus on companies in the new energy sector. Aquaron intends to raise additional funding via one or more PIPE subscriptions.
The SPAC’s deal deadline is July 6. Read more.
