HL Acquisitions receives shareholder approval of business combination with Fusion Fuel annual meeting held in New York.
FREMONT, CA: HL Acquisitions and Fusion Fuel Green PLC announce that HL shareholders have approved the business combination between HL and Fusion Fuel at an annual general meeting of shareholders held in New York. None of HL's public shares were redeemed in connection with the vote to approve the business combination. It is estimated that the business combination will close in the coming days.
In closing the business combination, HL's unseparated unit will separate into its component of one warrant, one ordinary share, and one right. Each right of HL can be exchanged for one-tenth of one ordinary share respective with its terms. The regular warrants and shares of HL will be automatically converted into Class A ordinary shares and Fusion Fuel warrants, respectively.
Besides approving the business combination, the HL shareholders elected seven directors to Fusion Fuels board of directors Jeffrey E. Schwarz, Frederico Figueira de Chaves, Jo£o Teixeira Wahnon, Jaime Silva, Antonio Augusto Gutierrez S¡ da Costa, Rune Magnus Lundetrae, and Alla Jezmir. Additionally, HLs shareholders approved the material differences between HLs charter documents and Fusion Fuels charter documents. They supported the sale and issuance of 2,450,000 Fusion Fuel Class A ordinary shares in a private placement for gross proceeds of approximately $25.1 million, close with the business combination.
HL appreciates its shareholders' support for the business combination with Fusion Fuel, expressed both by way of the overwhelming vote in favor of the transaction, and with no shareholders exercising their redemption rights. The firm looks forward to consummating the trade and getting down to the business of building a leading player in the emerging market for Green Hydrogen.