UK-based special purpose acquisition company (SPAC) Pineapple Power plans to carry out a reverse takeover (RTO) of Canadian-based Ilois Hydrogen.
Having entered into a non-binding Heads of Terms (HoTs), Pineapple intends to acquire 100% of Ilois’ outstanding shares in an all-share transaction for a consideration of £33m ($40.6m).
If completed, the proposed acquisition would see Ilois seek re-admission to the main market of the London Stock Exchange with the company’s current directors set to form the majority of the new company’s board and its sellers become majority shareholders of the enlarged company.
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