Highest-materiality recent filing
Global Gas settles with former director; Nance forfeits 2M shares and denies cause
Settlement: William Nance forfeits 2M Class B shares; Sergio and Barbara Martinez forfeit 350K each.
Global Gas Corporation (HGAS) receives Nasdaq delisting notice; trading to move to OTC
Nasdaq delisting effective June 25, 2024 after failing to meet initial listing standards.
Global Gas terminates CEO William Bennet Nance Jr. for cause as of June 17
CEO terminated for cause under Employment Agreement; Nance also resigned as director.
Global Gas restructures CEO pay to profit-sharing; 1.6M Class B shares forfeited
CEO Nance will receive no base salary; instead, he earns up to $250K/yr via 15% of gross profit from contracts he sources.
Post-close shares: 5,428,256 Class A common, 4,300,000 Class B common; 8,624,981 public warrants, 4,850,000 private warrants.
Approximately 98% of shares voted approved the business combination; all existing Global Hydrogen equityholders rolled 100% of their equity.
Nasdaq notified Dune on Dec 18, 2023 of impending suspension/delisting for failing to complete a business combination within 36 months.
Forward Purchase Agreement with Meteora entities for up to 950,000 shares of Dune Class A common stock, funded from trust.
Dune Acquisition stockholders approve business combination with Global Hydrogen Energy
Business combination proposal approved: 4,515,329 For, 95,018 Against; company to become Global Gas Corporation.
Dune Acquisition cuts deal consideration to $43M in amended Global Hydrogen acquisition
Share consideration for Global Hydrogen reduced from $48M to $43M under Second Amendment dated Nov 24, 2023.
On Sep 20, 2023, Dune exchanged 4,312,500 Class B shares for Class A shares to boost market value of listed securities.
Dune Acquisition reduces Global Hydrogen acquisition equity value to $48M from $57.5M
First Amendment to Unit Purchase Agreement dated August 22, 2023 reduces Company Equity Value to $48M.
Global Hydrogen selected by Port of Brownsville as partner for $15M DOT grant application
Port of Brownsville (BND) selected Global Hydrogen as private hydrogen partner for a $15M DOT CFI grant.
Dune Acquisition Corp. to merge with Global Hydrogen in $57.5M deal
Dune (SPAC) enters definitive agreement to acquire Global Hydrogen, a hydrogen/carbon recovery supplier, for ~$57.5M in stock.
Dune Acquisition restates Q2/Q3 2022 financials after accounting error; cites material weakness
Audit committee concluded misclassification of deferred underwriter commission waiver was material.
Dune Acquisition receives Nasdaq delisting notice for MVLS below $35M minimum
Nasdaq notified Dune on March 24, 2023, that MVLS of Class A common stock was below $35M for 30 consecutive business days.
Dune Acquisition terminates TradeZero merger, settles litigation for $5M
Defendants pay $5,000,000 to Dune within 15 business days; mutual releases, no admission of liability.
TradeZero sent termination notice on July 13, 2022 citing Sections 10.01(c) (failure to close by July 12) and 10.01(i) (alleged breach by Dune).
Dune Acquisition waives $6M deferred underwriting; trust drops to $11.8M after redemptions
Cantor Fitzgerald waived $6,037,500 deferred underwriting commissions; Dune granted Cantor right of first refusal and $3.8M advisory fee.
Dune Acquisition Corp. extends business combination deadline to Dec 22, 2023; $164M redeemed
Stockholders approved extension of business combination deadline from June 22, 2022 to December 22, 2023.
Dune Acquisition board reverses recommendation, urges AGAINST TradeZero deal
Board unanimously determined the Business Combination with TradeZero is not advisable or fair to Dune stockholders.
Dune Acquisition sues TradeZero for fraudulent inducement and material breach of merger deal
Lawsuit filed April 6 in Delaware; TradeZero accepted service on April 14.
TradeZero Canadian subsidiary gets IIROC approval for U.S. equity and options trading
TradeZero Securities Canada ULC admitted as dealer-member of IIROC, approved to offer U.S. equity and options trading to Canadian retail traders.
Dune Acquisition restates 2020 & Q1-Q3 2021 financials; material weakness in controls
Re-evaluation: all redeemable Class A common stock must be classified as temporary equity, not permanent.
TradeZero appoints Joshua Choi as CFO ahead of SPAC merger with Dune Acquisition
Joshua Choi appointed CFO of TradeZero, effective November 15, 2021.
Dune Acquisition Corp to acquire TradeZero in ~$500M SPAC merger
TradeZero stockholders to receive shares of New TradeZero valued at $500M; $30M pre-closing cash disbursement possible.
Effective June 17, 2024, Global Gas Corporation (the “Company”) terminated its Chief Executive Officer, William Bennet Nance, Jr., for “Cause,”
Pursuant to the Employment Agreement, Mr. Nance’s termination as an officer triggered his immediate and automatic resignation as a director of the Company.
On February 7, 2023, the board of directors (the “Board”) of Dune Acquisition Corporation (the “Company”) appointed Cecil White III to the Board.
On January 23, 2023, Igor Fuks notified the board of directors (the “Board”) of Dune Acquisition Corporation. (the “Company”) of his decision to resign from the Board and the Audit Committee of the Board effective January 24, 2023.
Max materiality 0.90 · Median 0.60 · Most common event other_material