United Hydrogen Group, a Comprehensive Hydrogen Solution Company in China, Announces Execution of Business Combination Agreement with Aimei Health Technology Co Ltd to Become a Publicly Traded Company on Nasdaq.
United Hydrogen Group Inc. (“United Hydrogen” or the “Company”), a comprehensive hydrogen solution company, and Aimei Health Technology Co., Ltd (“AFJK”) (NASDAQ: AFJK) (NASDAQ: AFJKU) (NASDAQ: AFJKR), a Cayman Islands special purpose acquisition company, announced that they entered into a definitive business combination agreement (the “Business Combination Agreement”) for a business combination (the “Business Combination”). Upon the consummation of the Business Combination, United Hydrogen will operate through a publicly-traded holding company listed on the Nasdaq Stock Market.
Founded in Shanghai in 2017, United Hydrogen is a comprehensive hydrogen solution provider bridging the hydrogen value chain from energy production to innovative applications. The Company offers various solutions from energy generation, storage, transportation to business applications. United Hydrogen is committed to delivering sustainable, efficient, and integrated hydrogen solutions for a cleaner and brighter future, helping the clients realize their green, zero carbon business targets.
United Hydrogen believes that it maintains a competitive edge and quick growth in the engaged clients’ pool. As the government and top tier companies are paying greater attention to green energy and low-carbon economy, United Hydrogen expects a growth of business to attract more clients who are willing to shift from traditional energy to zero emission hydrogen power.
United Hydrogen leverages its flexible business model and value chain coverage to offer customized solutions to clients of different types with various business goals. The Company provides energy solutions that design, build and operate hydrogen facilities utilizing local industry advantages. It also offers various hydrogen storage and transportation solutions tailored to clients’ actual scenarios and specific needs. United Hydrogen also designs, sells or leases hydrogen powered material handling equipment to logistic players.
United Hydrogen builds strong partnerships with hydrogen industry leaders, adopting cutting edge technologies and leveraging key resources to empower its business capabilities. The Company also maintains an advanced digital system to track equipment status and manage business process to enhance security, improve efficiency, and reduce costs.
The Company attributes its industry coverage, flexible business model and operation capabilities as critical factors to its success. The management team owns rich experience and expertise in the hydrogen industry as well as diverse know-how in different domain applications.
Xie Junheng, Chief Executive Officer of AFJK, said:
Our primary goal is to identify a company with an appealing business model, a solid history of successful operations, and strong potential for sustained growth.
“We are delighted to have discovered United Hydrogen. We are particularly impressed by their extensive knowledge and involvement in the hydrogen industry, which supports their comprehensive solutions. As leading global companies increasingly focus on green and zero-emission transformations, we anticipate that United Hydrogen will continue to expand in this significant and appealing market,”
“We look forward to completing this transaction, which will allow us to jointly enhance value for all stakeholders involved.”
Ma Xia, founder of United Hydrogen, commented:
United Hydrogen has been expanding alongside the hydrogen energy market for several years. Our mission, Living in Harmony with Nature, represents our consistent endeavor to build a clean and bright future.
“We have accumulated extensive knowledge and expertise across the entire hydrogen value chain, assisting clients from various sectors in achieving their green business objectives. Our comprehensive involvement from hydrogen production to end-user applications has led to consistent growth and performance. We are thrilled to partner with AFJK, as we have aligned visions for the market and business model. We are confident that the AFJK team will be instrumental in helping us achieve our long-term goals and success.”
Transaction Overview & Key Transaction Terms
- The transaction values the combined company at an estimated equity value on a pro-forma basis of approximately US$1.6 billion, assuming no redemptions by AFJK’s public shareholders in connection with the transaction.
- Upon consummation of the Business Combination, the securities of United Hydrogen Global Inc., a newly formed holding company (“Pubco”), will be traded on Nasdaq under a new ticket symbol. The outstanding shares of United Hydrogen and AFJK will be converted into the right to receive shares of Pubco.
- As part of the transaction, United Hydrogen’s existing shareholders will roll 100% of their equity into Pubco. Assuming no redemptions by AFJK’s public shareholders, it is estimated that the current shareholders of United Hydrogen will own approximately 94% of the issued and outstanding shares in Pubco at the closing of the transaction.
- The transaction has been approved by each of AFJK’s and United Hydrogen’s Board of Directors. The transaction is expected to close in the third quarter of 2024, subject to the approval of AFJK’s shareholders and United Hydrogen’s shareholders, respectively, and the satisfaction or waiver of other customary closing conditions.
- Upon the closing of the Business Combination, United Hydrogen’s executive management team, led by founder and chief executive officer Xia Ma, will continue to lead the combined company.
The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Business Combination Agreement, a copy of which will be filed by AFJK with the U.S. Securities and Exchange Commission (the “SEC”) as an exhibit to a Current Report on Form 8-K. In addition, Pubco intends to file a registration statement on Form F-4 with the SEC, which will include a proxy statement/prospectus, and will file other documents regarding the proposed Business Combination with the SEC.
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United Hydrogen Group, a Comprehensive Hydrogen Solution Company in China, Announces Execution of Business Combination Agreement with Aimei Health Technology Co Ltd to Become a Publicly Traded Company on Nasdaq. source
