Global Hydrogen Energy and Dune Acquisition announced the completion of their business combination. Newly renamed Global Gas Corporation shares and warrants begin trading today on the Nasdaq under new ticker symbols HGAS and HGASW.
Global Gas is engaged in sustainable energy transition as a next-generation industrial gas supplier. The company said it expects to receive a delisting notice from the Nasdaq for failure to satisfy the initial listing standards of the exchange upon closing of the business combination. Global Gas further intends to request a hearing before the Nasdaq to appeal the delisting determination and work to satisfy the initial listing standards.
There is no minimum cash condition to close the merger. Dune said 747,518 shares were redeemed in connection with the merger vote, removing just over $7.5 million from the trust.
Earlier this month Dune secured a forward purchase agreement with Meteora Strategic Capital, which agreed to buy up to 950,000 shares. Meteora will receive 80,000 shares on that arrangement.
The SPAC last month said it lowered the consideration to be paid to Global Hydrogen to $43 million from $48 million. This follows a reduction in the deal size in August from the original $57.5 million consideration. Read more.
