Fusion Fuel says discussions ‘ongoing’ in fuel distribution company acquisition

As previously announced in its press release dated April 9, the Company signed a non-binding Letter of Intent regarding the acquisition of a UK fuel distribution company, and then a non-binding Head of Terms in May. At this time, discussions remain ongoing. Given the scale and complexity of the transaction, negotiations with financial counterparts are expected to continue over the coming months. The Head of Terms is non-binding and remains subject to satisfactory due diligence, finalization of definitive agreements, and customary closing conditions. As noted in the Company’s press release dated October 15, the Company will be holding an Extraordinary General Meeting on November 7, which will include a shareholder proposal to delegate to the Board the authority to increase its authorized share capital and to implement such increase as it deems appropriate. The Company is seeking such authorization in part to support potential large-scale acquisitions or other strategic transactions currently being reviewed, including transactions involving a digital or commodity asset treasury business. As of the date of this press release, the Company has not entered into any agreements, understandings or commitments relating to any acquisition or other strategic transactions.