---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-078863"
form_type: "8-K"
ticker: "HGAS"
cik: "0001817232"
company_name: "Global Gas Corp"
filed_at: "2023-09-22T23:59:59+00:00"
generated_at: "2026-06-10T09:49:32.581299+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Dune Acquisition receives Nasdaq delisting notice after exchanging founder shares to regain compliance

## Summary
- On Sep 20, 2023, Dune exchanged 4,312,500 Class B shares for Class A shares to boost market value of listed securities.
- Exchange eliminated all Class B shares; sponsor now holds ~78.5% of outstanding Class A common.
- On Sep 22, 2023, Dune received Nasdaq notice that it failed to regain $35M MVLS compliance; delisting initiated.
- Dune appealed the delisting determination on Sep 22, 2023 and expects Nasdaq to cancel the action.
- Exchange shares issued under Section 3(a)(9) exemption; registered for resale under existing registration rights.

## SEC filing metadata
- accession: 0001213900-23-078863
- form_type: 8-K
- ticker: HGAS
- cik: 0001817232
- company_name: Global Gas Corp
- filed_at: 2023-09-22T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1817232/000121390023078863/0001213900-23-078863-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1817232/000121390023078863/ea185576-8k_duneacq.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-078863
- JSON: https://secwatch.observer/filing/0001213900-23-078863.json
- Plain text: https://secwatch.observer/filing/0001213900-23-078863.txt

## Key facts
- Listing & Compliance Notices
  Global Gas Corp received a nasdaq delisting notice notice regarding market value (rules 5550(b)(2), 5810(c)(3)(C)).
  - Exchange: nasdaq
  - Notice: delisting notice
  - Deficiency: market value
  - Rules: 5550(b)(2), 5810(c)(3)(C)
  source text: stating that the market value of listed securities (“MVLS”) of Dune’s Class A common stock for the last 30 consecutive business days (from February 9, 2023 to March 23, 2023), was below the required minimum of $35 million for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Dune had 180 calendar days (or until September 20, 2023) to regain compliance (the “Compliance Period”). The Notification Letter stated that Nasdaq will close the matter and provide written confirmation that Dune has
  evidence_url: https://www.sec.gov/Archives/edgar/data/1817232/000121390023078863/0001213900-23-078863-index.htm
- Material Agreements
  Global Gas Corp entered into Exchange Agreement with Dune Acquisition Holdings LLC (effective 2023-09-20).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Dune Acquisition Holdings LLC
  - Effective: 2023-09-20
  source text: On September 20, 2023, Dune Acquisition Corporation, a Delaware corporation (“Dune”), and Dune’s sponsor, Dune Acquisition Holdings LLC, a Delaware limited liability company (the “Sponsor”), entered into an Exchange Agreement (the “Exchange Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1817232/000121390023078863/0001213900-23-078863-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.