other material
confidence high
sentiment positive
materiality 0.60
QIND restructures Al Shola Gas purchase price; Fusion Fuel to issue $2.0M of shares to minority holders
Quality Industrial Corp.
- Fusion Fuel (Nasdaq: HTOO) to issue 500,000 Class A shares at $4.00 each ($2.0M) to Al Shola Gas's 3 minority holders; QIND issues $2.0M of its own stock to HTOO.
- Total price for 51% of Al Shola Gas stays $10.0M: $1.02M paid, $2.0M via HTOO shares, $6.0M plus $980,000 due on or before Dec 31, 2027.
- Amendment removes QIND's debt financing, credit facility, equity line and bank guarantee commitments; parties mutually waive claims over alleged prior SPA defaults.
- Al Shola Gas to pay quarterly dividends equal to its quarterly Profits starting Q3 2026 unless its board decides otherwise; QIND receives its 51% pro rata share.
- QIND gets an option through March 27, 2027 to buy the ASG holders' remaining 49% at $65,359.48/share (~$9.61M for 147 shares), plus a 30-day right of first refusal.