Aimei Health Technology, United Hydrogen enter business combination agreement

United Hydrogen Group and Aimei Health Technology entered into a definitive business combination agreement (the “Business Combination Agreement”) for a business combination. Upon the consummation of the Business Combination, United Hydrogen will operate through a publicly-traded holding company listed on the Nasdaq Stock Market. Founded in Shanghai in 2017, United Hydrogen is a comprehensive hydrogen solution provider bridging the hydrogen value chain from energy production to innovative applications. The Company offers various solutions from energy generation, storage, transportation to business applications. United Hydrogen is committed to delivering sustainable, efficient, and integrated hydrogen solutions for a cleaner and brighter future, helping the clients realize their green, zero carbon business targets. United Hydrogen believes that it maintains a competitive edge and quick growth in the engaged clients’ pool. As the government and top tier companies are paying greater attention to green energy and low-carbon economy, United Hydrogen expects a growth of business to attract more clients who are willing to shift from traditional energy to zero emission hydrogen power. United Hydrogen leverages its flexible business model and value chain coverage to offer customized solutions to clients of different types with various business goals. The Company provides energy solutions that design, build and operate hydrogen facilities utilizing local industry advantages. It also offers various hydrogen storage and transportation solutions tailored to clients’ actual scenarios and specific needs. United Hydrogen also designs, sells or leases hydrogen powered material handling equipment to logistic players. United Hydrogen builds strong partnerships with hydrogen industry leaders, adopting cutting edge technologies and leveraging key resources to empower its business capabilities. The Company also maintains an advanced digital system to track equipment status and manage business process to enhance security, improve efficiency, and reduce costs. The Company attributes its industry coverage, flexible business model and operation capabilities as critical factors to its success. The management team owns rich experience and expertise in the hydrogen industry as well as diverse know-how in different domain applications. The transaction values the combined company at an estimated equity value on a pro-forma basis of approximately US$1.6 billion, assuming no redemptions by AFJK‘s public shareholders in connection with the transaction. Upon consummation of the Business Combination, the securities of United Hydrogen Global Inc., a newly formed holding company, will be traded on Nasdaq under a new ticket symbol. The outstanding shares of United Hydrogen and AFJK will be converted into the right to receive shares of Pubco. As part of the transaction, United Hydrogen’s existing shareholders will roll 100% of their equity into Pubco. Assuming no redemptions by AFJK’s public shareholders, it is estimated that the current shareholders of United Hydrogen will own approximately 94% of the issued and outstanding shares in Pubco at the closing of the transaction. The transaction has been approved by each of AFJK’s and United Hydrogen’s Board of Directors. The transaction is expected to close in the third quarter of 2024, subject to the approval of AFJK’s shareholders and United Hydrogen’s shareholders, respectively, and the satisfaction or waiver of other customary closing conditions.