Dune Acquisition Corp. to merge with Global Hydrogen in $57.5M deal

Global Gas Corp

Dune (SPAC) enters definitive agreement to acquire Global Hydrogen, a hydrogen/carbon recovery supplier, for ~$57.5M in stock.
Post-close, company renamed Global Gas Corporation with Up-C structure; CEO W. Nance (a Dune director) recused from board vote.
Sponsor and sellers locked up for 12 months on common stock, 30 days on warrants; termination fee of $7.5M in cash or equity.
New board to have at least 5 directors; Sellers and Sponsor get nomination rights for Class I, II, III directors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Global Gas Corp entered into Purchase Agreement with Dune Acquisition Corporation, Global Gas Holdings LLC, Global Hydrogen Energy LLC, William Bennett Nance, Jr., Sergio Martinez, Barbara Guay Martinez (effective 2023-05-14).

Action: entry
Agreement: merger
Counterparty: Dune Acquisition Corporation, Global Gas Holdings LLC, Global Hydrogen Energy LLC, William Bennett Nance, Jr., Sergio Martinez, Barbara Guay Martinez
Effective: 2023-05-14

Exact text from the filing

May 14, 2023, Dune Acquisition Corporation, a Delaware corporation (“Dune”), entered into a Unit Purchase Agreement (the “Purchase Agreement”), by and among Global Gas Holdings LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Dune (“Holdings”), Global Hydrogen Energy LLC, a Delaware limited liability company (“Global Hydrogen”), William Bennett Nance, Jr., an individual (“W. Nance”), Sergio Martinez, an individual (“S. Martinez”), and Barbara Guay Martinez, an individual (“B. Martinez” and, together with W. Nance and S. Martinez, the “Sellers”).

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

Global Gas Corp filing history →

Source: SEC EDGAR

accession 0001213900-23-039278

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