HUTURE Ltd., a Chinese provider of of hydrogen-powered vehicles, has gone public on the NASDAQ via a takeover by Aquaron Acquisition Corp., according to a news release.
Aquaron, a publicly traded special purpose acquisition company, announced a merger agreement resulting in HUTURE being operated under a holding entity named HUTURE Group Limited, an exempted company incorporated in Cayman Islands trading on the Nasdaq Stock Market.
The proposed transaction reflects an initial equity value of approximately $1bn, at a price of $10 per share. Pillsbury Winthrop Shaw Pittman LLP, Commerce & Finance Law Offices and Ogier are serving as legal counsel to HUTURE. Wilson Sonsini Goodrich & Rosati, P.C. and Jingtian & Gongcheng are serving as legal counsel to Aquaron. Arbor Lake Investment Limited is serving as advisor to Aquaron.
Huture Motors of Shanghai operates a manufacturing facility for research and development of hydrogen-powered vehicles. The company has a team of skilled engineers and technicians with extensive working experience with reputable vehicle manufacturing companies.
“Through this facility, HUTURE aims to expand its R&D and manufacturing capabilities and further its commitment to sustainable and environmentally-friendly transportation solutions,” the release states.
Weishan Chen, founder and chairman of HUTURE: “This transaction will enable us to accelerate our growth strategy, expand our market presence, and enhance our ability to deliver comprehensive solutions to customers in the hydrogen-powered vehicle market.”
Yi Zhou, the chief executive officer and chairwoman of Aquaron: “We believe that HUTURE is a leader in the hydrogen fuel-cell industry in China, and that they are now poised to transform the hydrogen energy ecosystem to offer the world a solution of zero emission hydrogen mobility and decarbonizing economies. ”
Upon closing, the current shareholders of HUTURE will retain a majority of the outstanding shares of the Combined Business and HUTURE will designate all of the proposed directors for the Combined Company board. Proceeds from the Proposed Transaction are expected to be utilized for working capital and general corporate purposes.
