RMG Acquisition III said it terminated a merger agreement with H2B2 Electrolysis because the deal failed to close by the March 31 deadline.
H2B2 is a vertically integrated provider of hydrogen energy systems, services and equipment.
At deal announcement in May 2023 , the closing purchase price was $750 million, subject to adjustment. RMG III raised $420 million in a February 2021 IPO, though the trust was down to slightly less than $6.4 million as of Jan. 30, according to the proxy. The parties in December agreed to reduce the minimum investment amount from $40 million to $30 million, among other changes to the deal terms.
As of last June, H2B2 was expecting to post a net loss of $16.6 million in fiscal 2023 on revenues of $15.8 million, according to estimates contained in a proxy filed by RMG III. However, the company is projecting revenue of $206.8 million in 2025. Read more.
