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China's United Hydrogen to list on Nasdaq via $1.6 bln blank-check deal
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China's United Hydrogen to list on Nasdaq via $1.6 bln blank-check deal
Jun 20, 2024 8:22 AM

June 20 (Reuters) - Green energy company United Hydrogen

Group said on Thursday it would be listing its shares on the

Nasdaq via a blank-check merger that values the company at $1.6

billion.

The deal with blank-check firm Aimei Health Technology ( AFJK )

will make United Hydrogen one of the few China-based

companies rushing to U.S. bourses after tensions eased between

the two countries' regulators.

Founded in 2017, the hydrogen energy producer and

distributor, which helps businesses lower their carbon

emissions, has seen a bump in demand as businesses worldwide

shift to more sustainable sources of energy. Its revenue more

than doubled to $13.1 million last year, the company said.

The merger with Aimei Health ( AFJK ), which raised nearly $70

million in its initial public offering last year, is expected to

close in the third quarter.

Blank-check firms, also known as special purpose acquisition

companies, have no business operations other than hunting for a

private company for a merger.

They use the proceeds from their IPO for the deal, which

results in the private company going public.

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