RMG Acquisition III said it will not complete a business combination by deadline and will dissolve, instead, effective April 22.
The redemption price is $10 a share.
RMG III had a deal with H2B2 Electrolysis Technologies, 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 a proxy filed at the time.
The parties in December had agreed to reduce the minimum investment amount from $40 million to $30 million. Read more.
