Jericho Energy Ventures to Spinout Hydrogen Solutions into New Entity
Key Ideas
- Jericho Energy Ventures Inc. has received approval to separate its hydrogen solutions platform into a new entity named Hydrogen Technologies Corporation (HTC).
- Shareholders of Jericho will retain their shares in the company and also receive shares of the newly formed HTC on a pro rata basis.
- The Spinout Transaction is subject to regulatory and shareholder approvals, with definitive terms expected to be outlined in a forthcoming management information circular.
- This move signifies a strategic step by Jericho Energy Ventures to focus on its hydrogen assets and enhance its presence in the hydrogen solutions market.
Jericho Energy Ventures Inc. has announced the approval from its Board of Directors to initiate a Spinout Transaction, separating its hydrogen solutions platform into a new entity named Hydrogen Technologies Corporation (HTC). Shareholders of Jericho will retain their existing shares in the company and will also receive shares of HTC on a pro rata basis as part of this strategic move. The Spinout Transaction is contingent upon obtaining necessary regulatory and shareholder approvals. The definitive terms of this transaction will be communicated to shareholders through a management information circular related to the upcoming approval meeting. This development marks a significant step for Jericho Energy Ventures in focusing on its hydrogen assets and strengthening its position in the hydrogen solutions sector.