HL shareholders voted on the transaction at a special meeting December 4 and also elected seven directors to Fusion Fuel’s Board as well as the sale of 2,450,000 Fusion Fuel shares for $10.25 per share in a $25.1 million private placement.
The parties expect the transaction to close in the coming days, at which time each unseparated HL unit will automatically separate into one share, one warrant and one right. Each of these rights will automatically be exchanged for a 1/10th share. Once converted at close to shares and warrants of the new combined entity, they will will trade on the Nasdaq under the symbols “HTOO” and “HTOOW,” respectively.
The SPAC faced a low risk of redemptions as it opened ahead of the vote at $19.50 as compared to its estimated redemption rate of $10.58, and it has since surged in post-vote trading to over $20.87.
HL Acquisitions initially announced its combination agreement with Fusion Fuel June 8 and this result marks a happy ending for a SPAC that treaded through some difficulty over the past year. In March, HL Acquisitions was forced to walk away from an earlier deal with liquid-natural gas company Chi Energie as it came just before the pandemic bottomed out fossil fuel energy markets.
Fusion Fuel is a hydrogen power company currently building Portugal’s first utility-scale hydrogen power generation project.