Dune Acquisition Corporation (NASDAQ:DUNE) announced this afternoon that its shareholders have approved its business combination with sustainable energy firm Global Hydrogen at a special meeting held earlier today.
At the meeting, a total of 4,610,347 shares of common stock were represented by proxy. The deal was overwhelmingly approved as holders of 4,515,329 shares voted in favor of the proposal, and saw minimal pushback from holders of 95,018 shares who voted against the combination.
While the SPAC didn’t disclose redemption amounts, it went into today’s vote with an aggregate of 93.15% of its trust already redeemed from previous extension meetings. Without taking into consideration today’s redemptions, it currently has approximately $11.9 million in its trust.
Dune has adjourned its completion vote a handful of times since its original date of November 29, but has used this time to secure a forward purchase agreement (FPA) ahead of the meeting. Earlier this morning, the SPAC signed an FPA with Meteora Capital Partners covering up to 950,000 shares. Meteora will be prepaid for such purchases and will receive up to 80,000 additional shares.
Last week, Dune modified its combination with Global Hydrogen. This amendment marked a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation 2023 Long Term Incentive Plan, from 900,000 to 1,400,000. A portion of these shares, up to 500,000, were allocated for joint ventures, consulting purposes, or strategic business partnerships.
This recent adjustment follows an earlier amendment made in August, which saw a decrease in the aggregate share consideration from $57.5 million to $48 million. While the specifics prompting this revision were undisclosed, it amounted to a reduction in the company’s equity value by approximately -16.5%.
No specific timeline for the closing of the deal has been provided yet. However, upon completion, the combined company is set to trade on the Nasdaq under the symbol “HGAS”.
Dune initially announced the business combination with Global Hydrogen on May 15. New York-based Global Hydrogen is working to develop a business capturing industrial gasses from offtakers that can be converted into sustainable fuels.
All other proposals presented on today’s ballot were also approved by shareholders.
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