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.