SunHydrogen invests $10M in TECO 2030; 9.3% stake plus $3M convertible note

SUNHYDROGEN, INC.

Purchased 13.44M new shares of TECO 2030 for $7M, representing a 9.3% ownership stake.
Also acquired $3M in convertible bonds due 2025, bearing 8% interest, convertible at NOK 5.0868.
SunHydrogen to nominate a director to TECO's board, subject to shareholder approval.
Parties agree to explore a potential business combination and US exchange up-listing.
TECO is building Europe's first hydrogen fuel cell gigafactory; recently won a €5M Horizon Europe grant.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SUNHYDROGEN, INC. entered into Subscription Agreement with TECO 2030 ASA (effective 2022-11-11).

Action: entry
Agreement: equity purchase
Counterparty: TECO 2030 ASA
Effective: 2022-11-11

Exact text from the filing

On November 11, 2022, SunHydrogen, Inc. (the “Company”) entered into a subscription agreement (the “Subscription Agreement”) with TECO 2030 ASA, a public limited company incorporated in Norway (“TECO”).

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38 material agreements filed in the last 30 days. Browse all material agreements →

SUNHYDROGEN, INC. filing history →

Source: SEC EDGAR

accession 0001213900-22-072852

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