Green energy company United Hydrogen Group said on Thursday it would be listing its shares on the Nasdaq via a blank-check merger that values the company at $1.6 billion.
The deal, with blank-check firm Aimei Health Technology will make United Hydrogen one of the few China-based companies rushing to U.S. bourses after tensions eased between the two countries’ regulators.
Founded in 2017, the hydrogen energy producer and distributor, which helps businesses lower their carbon emissions, has seen a bump in demand as businesses worldwide shift to more sustainable sources of energy. Its revenue more than doubled to $13.1 million last year, the company said.
The merger with Aimei Health, which raised nearly $70 million, in its initial public offering last year, is expected to close in the third quarter.
Blank-check firms, also known as special purpose acquisition companies, have no business operations other than hunting for a private company for a merger.
They use the proceeds from their IPO for the deal, which results in the private company going public.
Source: Reuters.com