“This transaction will enable us to accelerate our growth strategy, expand our market presence, and enhance our ability to deliver comprehensive solutions to customers in the hydrogen-powered vehicle market,” said Huture founder and Chairman Weishan Chen. “With our core expertise in research and development, manufacturing, and sales of hydrogen-powered vehicles, we are well positioned to capitalize on the growing demand for environmentally friendly transportation solutions.”
Previous Merger Termination
Before the Huture Ltd $1B SPAC Merger announcement, Aquaron terminated a prior merger with another Chinese electric vehicle maker, Shanghai-based Bestpath IoT Technology Co. Ltd. Aquaron informed the U.S. Securities and Exchange Commission that Bestpath’s recent business reorganization was grounds for ending the 2023 merger agreement.
Understanding SPACs
SPACs, like Aquaron, are also known as blank-check companies. They are shell entities formed by sponsors who raise money through an initial public offering (IPO) to acquire a private business within a set timeframe. The target company inherits the SPAC’s stock listing and related proceeds, offering an alternative to a traditional IPO.
