United Hydrogen Group is set to be listed on the Nasdaq after entering a business combination agreement with Aimei Health Technology – a special purpose acquisition company (SPAC).
MagStone Law, Harneys, Yongxing Law Firm, Hunter Taubman Fischer & Li （HTFL）, Ogier and Grandall Law Firm advised both companies in this transaction.
The transaction will be completed in the third quarter of 2024, with the merged company estimated to be worth USD1.6 billion.
MagStone, Harneys and Yongxing acted as United Hydrogen’s legal counsel on US, Cayman Islands and PRC law, respectively.
HTFL advised Aimei Health Technology on US law, Ogier advised on Cayman Islands law, while Grandall advised on PRC law.
A SPAC, also known as a “blank cheque company”, is a shell corporation listed on a stock exchange and a merger with a private enterprise, enables the latter to go public without undertaking the traditional initial public offering process.
United Hydrogen said going public offers an opportunity to improve its financial performance and expand its business into Southeast Asia, North America, Europe, and the Middle East markets.
The Shanghai-founded hydrogen solutions provider started in 2017 and offers clients energy generation, storage and transportation solutions. The company recorded around USD13.1 million in revenue in 2023, a 144% increase from 2022.
