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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): December 21, 2023
Global Gas Corporation
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-39819 |
|
85-1617911 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
99 Wall Street, Suite 436 |
|
|
New York, New York |
|
10005 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(917)
327-0437
(Registrant’s
telephone number, including area code)
Dune Acquisition Corporation
700 S. Rosemary Avenue, Suite 204
West Palm Beach, Florida 33401
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant |
|
DUNEU |
|
The Nasdaq Stock Market LLC |
Class A common stock, par value $0.0001 per share |
|
DUNE |
|
The Nasdaq Stock Market LLC |
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
|
DUNEW |
|
The Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
7.01 Regulation FD Disclosure.
On
December 21, 2023, Dune Acquisition Corporation issued a press release announcing the consummation of its previously announced business
combination transaction with Global Hydrogen Energy LLC. A copy of the press release is furnished as Exhibit 99.1 to this Current Report
on Form 8-K and incorporated by reference herein.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
GLOBAL GAS CORPORATION |
|
|
|
Date:
December 21, 2023 |
By: |
/s/
William Bennett Nance, Jr. |
|
Name: |
William
Bennett Nance, Jr. |
|
Title: |
Chief
Executive Officer and Secretary |
Exhibit 99.1
Global Hydrogen Energy Completes Business Combination
with Dune Acquisition Corporation to Form Publicly Traded Global Gas Corporation
| ● | Pure
Play Hydrogen and Carbon Recovery Project Developer and Industrial Gas Supplier |
| ● | Global
Gas is a Founder-Led, Minority-Owned Business |
| ● | All
Existing Global Hydrogen Equityholders to Roll 100% of their Equity into the Combined Company |
| ● | Approximately
98% of Shares Voted at the Special Meeting of DUNE’s Stockholders Voted to Approve the Business Combination |
WEST PALM BEACH, Fla. & NEW YORK, December
21, 2023 (GLOBE NEWSWIRE) – Global Hydrogen Energy LLC (“Global Hydrogen”), which seeks to be a leader in the sustainable
energy transition as a next-generation industrial gas supplier, and Dune Acquisition Corporation (Nasdaq: DUNEU, DUNE, DUNEW) (“Dune”),
a special purpose acquisition company, today announced the completion of its previously announced business combination. The combined company
is named Global Gas Corporation (“Global Gas”) and its Class A common shares and warrants are expected to commence trading
on the Nasdaq Capital Market (“Nasdaq”) under the new ticker symbols “HGAS” and “HGASW,” respectively,
on or about December 22, 2023.
Headquartered in New York, Global Gas is led by
Founder and Chief Executive Officer William B. Nance, who has over a decade of hydrogen and industrial gas experience. Global Gas is a
minority-owned business that targets both private and publicly-funded hydrogen development and carbon recovery projects, including projects
supported by local, county, state, and national-level governments. Global Gas primarily targets renewable waste as feedstock to generate
the industrial gases it sells, and seeks arrangements with owners of wastewater treatment plants, food waste processing facilities, agricultural
farms, and landfills as well as producers and distributors of renewable natural gas. In conjunction with the select specifications of
its clients and development partners, Global Gas can deliver both Electrolyzer and Steam Methane Reforming offerings.
“Hydrogen is the tip of the spear for reducing
carbon emissions in hard to decarbonize industries,” said William B. Nance. “The completion of our business combination with
Dune positions Global Gas to be a leader in the rapidly growing hydrogen and carbon recovery ecosystem. We look forward to our next chapter
as a public company, which will allow us to bring our expertise and infrastructure offerings to a global marketplace.
Global Gas expects to receive a delisting notice from the Nasdaq staff for failure to satisfy the initial listing standards of The Nasdaq
Capital Market upon closing of the business combination in accordance with Nasdaq Rule 5101-2. Global Gas intends to timely request a
hearing before the Nasdaq Hearings Panel to appeal Nasdaq’s delisting determination and work expeditiously to satisfy the applicable initial
listing standards of The Nasdaq Capital Market.
Advisors
Winston & Strawn LLP and Sidley Austin LLP
are serving as legal advisors to Dune.
Alston & Bird LLP is serving as legal advisor
to Global Hydrogen.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains certain “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified
by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would,” “will,” “shall,” “seek,”
“result,” “become,” “target” or other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, but the absence of these words does not mean a statement is not forward looking.
Indications of, and guidance or outlook on, future earnings, dividends or financial position or performance are also forward-looking statements.
These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance
metrics, projections of market opportunity and market share, expectations and timing related to commercial product launches, ability to
accelerate Global Gas’ strategy and capitalize on commercial opportunities, potential benefits of the Business Combination and the
potential success of Global Gas’ strategy. These statements are based on various assumptions, whether or not identified in this
press release, and on the current expectations of Global Gas’ management and are not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
These
forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially
adversely, from those expressed or implied in the forward-looking statements. Forward-looking statements are predictions, projections
and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks
and uncertainties. Most of these factors are outside Global Gas’ control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: the failure to maintain Nasdaq listing of Global Gas’ securities; changes in domestic
and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the Business Combination;
risks relating to the uncertainty of the projected financial information with respect to Global Gas; Global Gas’ ability to successfully
and timely develop, sell and expand its technology and products, and otherwise implement its strategy; risks relating to Global Gas’
operations and business, including information technology and cybersecurity risks, loss of customers and deterioration in relationships
between Global Gas and its employees; risks related to increased competition; risks relating to potential disruption of current plans,
operations and infrastructure of Global Gas as a result of the announcement and consummation of the Business Combination; risks that the
post-combination company experiences difficulties managing its growth and expanding operations; the impact of geopolitical, macroeconomic
and market conditions, including the COVID-19 pandemic; and the ability to successfully select, execute or integrate future acquisitions
into the business, which could result in material adverse effects to operations and financial conditions. The foregoing list of factors
is not exhaustive, and there may be additional risks that Global Gas presently knows or that Global Gas currently believes are immaterial
that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning
certain of these and other risk factors is contained in Global Gas’ most recent filings with the Securities and Exchange Commission
(the “SEC”), including Dune’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed
with the SEC on April 10, 2023, as amended by Amendment No. 1 to Dune’s Annual Report on Form 10-K/A, which was filed with the SEC
on July 17, 2023, and in those documents that Dune has filed, or Global Gas will file, with the SEC, including Dune’s definitive
proxy statement filed with the SEC on November 7, 2023 (as supplemented by the additional definitive proxy soliciting materials filed
on November 27, 2023, November 29, 2023, November 30, 2023, December 1, 2023 and December 4, 2023). These filings identify and address
other important risks and uncertainties that could cause actual events and results to differ materially from those contained herein. In
addition, forward-looking statements reflect Global Gas’ expectations, plans or forecasts of future events and views as of the date
of this press release. Global Gas anticipates that subsequent events and developments will cause its assessments to change. All subsequent
written and oral forward-looking statements concerning Global Gas, the transactions related to the Business Combination or other matters
attributable to Global Gas or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. While Global
Gas may elect to update these forward-looking statements at some point in the future, Global Gas expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their
expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required
by law. These forward-looking statements should not be relied upon as representing Global Gas’ assessments as of any date subsequent
to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contacts
Investor Relations
Global Gas Corporation
ir@globalhydrogen.co
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