Fusion Fuel Green agrees to acquire majority stake in Quality Industrial
seekingalpha
2024-11-19
Fusion Fuel Green (NASDAQ:HTOO) on Tuesday said it has signed a binding agreement to acquire about 70% ownership interest in Quality Industrial (OTCPK:QIND) from its controlling shareholders.
QIND is +8.33% to $0.065.
QIND operates in the gas supply and services sector, with expertise across the industrial and utility value chain.
To acquire this stake in QIND, at the close the company will issue a combination of 19.99% of its ordinary shares, along with convertible preferred shares, resulting in the QIND sellers holding a stake of about 70% of Fusion Fuel on an as-converted, fully diluted basis, which will provide for significant alignment of ownership interests and foster long-term growth.
The preferred shares, however, cannot be converted until the Company’s shareholders approve their conversion to ordinary shares.