Dune (DUNE) Amends Global Hydrogen’s Deal for a Second Time
by Marlena Haddad on 2023-11-27 at 1:21pm

Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen.

This amendment marks 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, can be allocated for joint ventures, consulting purposes, or strategic business partnerships.

This 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%.

Since the initial deal announcement, Global Hydrogen’s equity value has seen a total reduction of about -25.22%.

Dune Acquisition Corporation, which raised $172.5 million during its IPO in December 2020, initially intended to merge with equities trading platform TradeZero in a $556 million deal. However, the proposed merger fell through, leading to legal actions between Dune and its former partner. A settlement of $5 million was eventually reached in December.

Following redemptions of 93.15% of its trust during a previous extension vote in June 2022, the SPAC is currently left with $11.9 million in its trust fund and is scheduled to hold their completion vote on Wednesday, November 29.

Dune initially announced the business combination with Global Hydrogen on May 15. The combined company is expected to list on the Nasdaq under the ticker symbol “HGAS” once the deal is completed.

New York-based Global Hydrogen is working to develop a business capturing industrial gasses from offtakers that can be converted into sustainable fuels.

 

Recent Posts
by Nicholas Alan Clayton on 2024-07-18 at 1:18pm

Expectation Acquisition Corporation (NASDAQ:ESPAU) has filed to bring another Oppenheimer alum back to the market with a $60 million SPAC IPO. That officer is Expectation CFO Chi Zhuang, who started out as an equity research associate at the firm’s New York office in 2014. This overlapped with a period when Lewis Silberman, co-CEO of yesterday’s...

by Kristi Marvin on 2024-07-18 at 10:19am

In the past few months we’ve seen a number of SPACs IPO using what we like to call “anchor investors”, a term we use as a bit of shorthand.  What that means is, the bankers round out the IPO with qualified institutional buyers, sometimes called “non-managing sponsor investors”, that indicate for up to 9.9% of...

by Nicholas Alan Clayton on 2024-07-18 at 8:20am

At the SPAC of Dawn Stardust Power (NASDAQ:SDST) is the latest de-SPAC to rocket up this week after closing its combination with Global Partner II, but there could be more to its spike than simply the low float it currently represents. The parties got through their July 8 closing with just 134,550 public shares remaining...

by Nicholas Alan Clayton on 2024-07-17 at 2:19pm

GSR III Acquisition Corp. (NASDAQ:GSRTU) has filed to be the latest repeat team to return to the SPAC market with a $200 million IPO with terms that differentiate it from the majority of the recent crop. Led by co-CEOs Gus Garcia and Lewis Silberman, the team has experience from both managing a bevy of SPACs...

by Nicholas Alan Clayton on 2024-07-17 at 8:40am

The use of forward projections by target companies going through a SPAC transaction has been a controversial topic since the SPAC boom began in 2020. But, left to the side of this issue has been the question, “Do de-SPACs even benefit from using projections?” Certainly plenty of de-SPACs have taken hits in the public markets...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved