RMG Acquisition III in a proxy filing seeks shareholder approval to move its completion deadline from Feb. 9 to April 9, and beyond that to Aug. 9 in monthly increments, if necessary, without another shareholder vote. A meeting to vote on the proposal is set for Feb. 7. The proxy does not call for additional contributions to be made to the SPAC's trust if the additional time is apporved.
The SPAC said it needs more time to finalize its deal with H2B2 Electrolysis Technologies, a vertically integrated provider of hydrogen energy systems, services and equipment.
At deal announcement in May 2023 , the closing purchase price was $750 million, subject to adjustment. RMG III raised $420 million in a February 2021 ipo, though the trust was down to slightly less than $6.4 million as of Jan. 30, according to the proxy.
Since its founding in 2016, H2B2 said it has become a key player in the green hydrogen energy sector. The company is expanding rapidly in europe, the United States, latin america, Asia and the Middle East and has secured a role in strategic projects.
As of June, H2B2 was expecting to post a net loss of $16.6 million in fiscal 2023 on revenues of $15.8 million, according to estimates contained in a proxy filed by RMG III. However, the company is projecting revenue of $206.8 million in 2025.