Announcement • Jul 09
United Hydrogen Group, Inc. terminated the acquisition of Aimei Health Technology Co., Ltd (NasdaqGM:AFJK) from a group of shareholders in a reverse merger transaction.
United Hydrogen Group, Inc. entered into letter of intent to acquire Aimei Health Technology Co., Ltd (NasdaqGM:AFJK) from a group of shareholders in a reverse merger transaction on April 29, 2024. United Hydrogen Group, Inc. agreed to acquire Aimei Health Technology Co., Ltd (NasdaqGM:AFJK) from a group of shareholders in a reverse merger transaction for $1.6 billion on June 19, 2024.
The transaction has been approved by each of AFJK’s and United Hydrogen’s Board of Directors and is subject the approval of AFJK’s shareholders and United Hydrogen’s shareholders, effectiveness of the Registration Statement in accordance with the Securities Act of 1933, receipt of all necessary approvals from the China Securities Regulatory Commission in connection with the Transactions; and necessary consents, approvals and authorizations, including but not limited to, regulatory approval by Nasdaq and the U.S. Securities and Exchange Commission, necessary third-party approvals, Lock-Up Agreement, completion of the Reorganization and the expiration of any waiting period under the Hart-Scott-Rodino Act, if applicable, receipt of all approvals, waivers or consents from any third parties and the satisfaction or waiver of other customary closing conditions. The Business Combination has been unanimously approved by the boards of directors of Aimei Health, United Hydrogen, and the Acquisition Entities. The transaction is expected to close in the third quarter of 2024. On March 6, 2025, the Company issued an unsecured promissory note in an amount of $150,000 to the Sponsor and United Hydrogen, pursuant to which such amount had been deposited into the Trust Account in order to extend the amount of available time to complete a business combination until April 6, 2025. As of June 6, 2025 Amended the extends business combination agreement deadline to September 30, 2025. As on October 9, 2025, aggregate of $150,000 has been deposited into the trust account of Aimei Health Technology Co., Ltd for its public shareholders, which enables to further extend the period of time it has to consummate its initial business combination by one month from October 6, 2025 to November 6, 2025. As of November 6, 2025, the Aimei Health Technology shareholders approved the transaction. As of November 10, 2025, Aimei Health Technology expects to close the business combination in early 2026.
Ying Li, Esq and Guillaume de Sampigny of Hunter Taubman Fischer & Li LLC, Ogier (Cayman) LLP and Grandall Law Firm are acting as legal advisors to AFJK. Meng (Mandy) Lai of MagStone Law, LLP, Harneys and Yongxing Law Firm are acting as legal advisors to United Hydrogen. Chain Stone Capital Limited (CTM) is acting as financial advisor to United Hydrogen. Continental Stock Transfer & Trust Company acted as transfer agent to Aimei Health Technology. CHFT Advisory and Appraisal Ltd. acted as fairness opinion provider to Aimei Health and will receive fee of $83,000 for its services. Grandall Law Firm, Hunter Taubman Fischer & Li LLC and CHFT Advisory and Appraisal Limited acted as due diligence advisors to Aimei Health Technology. Advantage Proxy, Inc. acted as proxy solicitor to Aimei Health and will receive a fee of $0.012 million.
United Hydrogen Group, Inc. terminated the acquisition of Aimei Health Technology Co., Ltd (NasdaqGM:AFJK) from a group of shareholders in a reverse merger transaction on July 7, 2026. The termination was triggered by the occurrence of the applicable outside date, as the closing of the proposed business combination was not consummated on or prior to such date.
