05:05 PM EDT, 07/12/2024 (MT Newswires) -- Aquaron Acquisition ( AQU ) and China's hydrogen-powered vehicle manufacturer Huture said Friday they have agreed to merge, creating Huture Group that will trade on the Nasdaq Stock Market.

This transaction will result in Huture being operated under the new holding entity incorporated in the Cayman Islands, the companies said in a joint statement.

The initial equity value of the proposed transaction is around $1 billion, the company said.

Aquaron shares were down nearly about 5% in after-market activity.