United Hydrogen Group to List on Nasdaq Through $1.6 Billion SPAC Deal

By June 20, 2024 2   min read  (263 words)

June 20, 2024 |

United Hydrogen Group to List on Nasdaq Through 1.6 Billion SPAC Deal
  • United Hydrogen Group will go public on the Nasdaq via a $1.6 billion merger with Aimei Health Technology.
  • This move follows eased regulatory tensions between China and the U.S., marking a significant step for China-based companies.

Green energy company United Hydrogen Group announced on Thursday its plans to list shares on the Nasdaq through a blank-check merger valued at $1.6 billion.

The merger with blank-check firm Aimei Health Technology will position United Hydrogen among the few China-based companies rapidly entering U.S. stock exchanges following the easing of regulatory tensions between the two countries.

Established in 2017, United Hydrogen Group is a hydrogen energy producer and distributor that assists businesses in reducing their carbon emissions. The company has experienced increased demand as global businesses transition to more sustainable energy sources. Last year, its revenue more than doubled to $13.1 million.

The decision to merge with Aimei Health Technology, a special purpose acquisition company (SPAC) that raised nearly $70 million in its initial public offering last year, reflects a strategic alignment of both entities’ business models and market visions. Aimei Health, listed under the symbols AFJK, AFJKU, and AFJKR on Nasdaq, brings a wealth of investment and operational expertise that is expected to propel United Hydrogen’s growth in the burgeoning green energy market. The merger in its initial public offering last year, is anticipated to finalize in the third quarter.

Blank-check firms, also known as special purpose acquisition companies (SPACs), do not have business operations beyond seeking a private company for a merger.

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