Dune Acquisition in a proxy filing outlined its proposed merger with Global Hydrogen, a supplier of industrial gas.
Dune earlier this month disclosed it had lowered the consideration to be paid to Global Hydrogen from $57.5 million to $48 million. The deal was announced in May at a pro forma combined enterprise value of $112 million.
Global Hydrogen is a supplier of industrial gas.
If approved, the combined company would be called Global Gas Corporation and shares are expected to list on the Nasdaq under new ticker symbol HGAS.
There is no minimum cash condition to close.
Dune raised nearly $173 million in a December 2020 IPO. An extension vote in June 2022 wiped out 93% of the SPAC’s trust.
The extension became necessary following the collapse in April 2022 of Dune’s proposed merger with TradeZero. That led to a lawsuit, which Dune eventally settled for $5 million. Dune had alleged the brokerage platform duped the SPAC’s management into a $556 million reverse merger before “trying to run out the clock on the transaction” and stick the blank-check company with the substantial cost of calling it off. Read more.
