Company Overview - HUTURE Ltd. is a pioneering company in the hydrogen-powered vehicle manufacturing industry in China, founded in 2020 [2] - The company operates a manufacturing facility in Shanghai focused on research and development of hydrogen-powered vehicles [2] - HUTURE aims to expand its R&D and manufacturing capabilities to promote sustainable transportation solutions [2][7] Merger Agreement - HUTURE has entered into a definitive merger agreement with Aquaron Acquisition Corp., which will result in HUTURE being operated under a new holding entity named HUTURE Group Limited [1] - The proposed transaction values HUTURE at an initial equity value of approximately 10.00 per share [4] Management Commentary - HUTURE's management expressed excitement about the merger, stating it will accelerate growth, expand market presence, and enhance customer solutions in the hydrogen vehicle market [3] - Aquaron's CEO highlighted HUTURE's leadership in the hydrogen fuel-cell industry in China and its potential to transform the hydrogen energy ecosystem [3] Transaction Details - The transaction is expected to be completed later in the year, subject to shareholder and regulatory approvals [5] - Proceeds from the transaction will be used for working capital and general corporate purposes [4] - Current shareholders of HUTURE will retain a majority of the outstanding shares in the combined company [4]
HUTURE Ltd. Enters into Definitive Merger Agreement with Aquaron Acquisition Corp. (Nasdaq: AQU)