Global Gas Corporation (HGAS) has released an update to notify the public and investors about an entry into a material definitive agreement.
On December 1, 2023, Global Gas Corporation, previously known as Dune Acquisition Corporation, modified its Forward Purchase Agreement with Meteora Capital entities, allowing the company to request additional funds up to $5 million to cover potential shortfalls. These requests are subject to certain recovery and share price conditions. The amendment also adjusts the terms under which the seller can sell shares, removing the 180-day wait post-trade and changing the share holding period to the sooner of a 110% recovery on shortfall requests or three months post-business combination, enhancing the flexibility of the financial arrangement.
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For a comprehensive understanding of the announcement, you can read the full document here.