Jul. 13 at 1:49 AM
$AQU Huture to become public through Aquaron Acquisition merger agreement
Huture and Aquaron Acquisition announced that they have entered into a definitive merger agreement that will result in Huture being operated under a holding entity named Huture Group, an exempted company incorporated in Cayman Islands and plans to trade on Nasdaq. The proposed transaction reflects an initial equity value of approximately
$1B. Founded in 2020, Huture is a hydrogen-powered vehicle manufacturing company in China. Huture Motors, a wholly-owned subsidiary of the company, operates a manufacturing facility for research and development of hydrogen-powered vehicles in Shanghai. Huture has a team of skilled engineers and technicians with experience with vehicle manufacturing companies.
The proposed transaction values the combined company upon the closing of the proposed transaction at an implied pro forma pre-money enterprise value of approximately
$1B, at a price of
$10.00 per share. 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.
The board of directors of both Huture and Aquaron have unanimously approved the proposed transaction, which is expected to be completed later this year, subject to, among other things, approval by the shareholders of Aquaron and Huture, regulatory approvals and other customary closing conditions, including a registration statement on Form F-4 to be filed by the Pubco being declared effective by the SEC, and the listing application of the Pubco being approved by Nasdaq.
