Fusion Fuel Green PLC - HTOO STOCK NEWS

Fusion Fuel Green (NASDAQ: HTOO) has completed its acquisition of a controlling stake in Quality Industrial Corp. (QIND) through a share exchange. The company announced key leadership changes, with John-Paul Backwell appointed as CEO and joining the Board, while former CEO Frederico Figueira de Chaves transitions to Chief Strategy Officer and Head of Hydrogen Solutions. The acquisition aims to strengthen Fusion Fuel's position in energy engineering and services. The company faces a Nasdaq delisting appeal hearing scheduled for January 7, 2025, but management expects to meet stockholder equity requirements after consolidating financials.

Fusion Fuel Green PLC (NASDAQ: HTOO) has signed a binding agreement to acquire ~70% of Quality Industrial Corp. (QIND), a gas supply and services company. The deal involves issuing 19.99% of Fusion Fuel's ordinary shares plus convertible preferred shares. QIND's operating business, Al Shola Gas, reported $11 million revenue and $1.8 million net income in 2023, with Q4 revenue and net income up 19.5% and 12.4% respectively. The acquisition aims to integrate complementary expertise and recurring revenue, while expanding both companies' market presence. Notably, Fusion Fuel's Portuguese subsidiary has filed for insolvency, marking a strategic shift towards hydrogen engineering and advisory services.

Fusion Fuel Green has issued a damages claim against Hydrogenial S.A. for failing to fund a $33.5 million Subscription Agreement signed on August 28, 2024. The agreement involved Hydrogenial purchasing 43,790,850 Class A shares and warrants for 13,137,254 additional shares. Despite meeting all closing conditions for the September 30, 2024 deadline and receiving a revised closing date of October 25, 2024, Hydrogenial has not provided the promised funds. As a direct result, Fusion Fuel Portugal S.A., the company's Portuguese subsidiary responsible for technology sales and project development, has filed for insolvency. The company is now exploring strategic alternatives to preserve shareholder value.

Fusion Fuel Green PLC received a Staff Determination Notice from Nasdaq due to non-compliance with the minimum $10 million stockholders' equity requirement. The company reported stockholders' equity of $3,022,125 in its 2023 Form 20-F. Despite submitting a compliance plan and requesting transfer to The Nasdaq Capital Market, Fusion Fuel failed to complete necessary transactions by the November 4, 2024 deadline. While facing potential delisting, the company has appealed the determination, which temporarily stays the suspension of its securities pending the Panel's decision.

Fusion Fuel Green Plc has received a notice from Nasdaq indicating non-compliance with the minimum bid price requirement of $1.00 per share. The company's Class A ordinary shares, trading under the symbol HTOO, have been below this threshold for 31 consecutive business days from June 18 to August 1, 2024. Fusion Fuel Green has until January 29, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. The notice does not immediately affect the company's listing on The Nasdaq Global Market. If compliance is not achieved by the deadline, an additional 180-day period may be granted. The company plans to monitor the situation and consider options to meet the requirement.

Fusion Fuel Green (NASDAQ: HTOO), an emerging leader in the green hydrogen sector, reported its financial results for Q1 2024. Key highlights include IPCEI approval for a 630 MW HEVO-Portugal project and raising approximately €6 million through an at-the-market program. The company was awarded a €1.015 million grant from the European Commission as part of the H2tALENT consortium and received provisional grant approval for a 25 MW HEVO-Aveiro project.

Subsequent events include drawing down the first tranche of a Macquarie convertible note facility worth $1.15 million and completing the installation of a 300 kW HEVO-Chain system for a global cement major. Fusion Fuel also signed a tech sale contract for a 100 kW HEVO-Chain system for a hospital in Iberia. The company has implemented a strategic portfolio approach, forming commercial relationships with potential for multiple follow-on projects.

Fusion Fuel (NASDAQ: HTOO) announced a 100 kW electrolyzer supply contract for a hospital in Iberia, aiming to generate green hydrogen for emissions-free power and capture green oxygen for medical use.

The project includes R&D efforts to develop and test new materials for their HEVO micro-electrolyzer technology, potentially leading to additional revenue from technology and equipment supply.

This initiative marks Fusion Fuel's entry into the healthcare sector and underscores its commitment to innovative clean energy solutions.

Fusion Fuel Green (NASDAQ: HTOO) announced a live conference call and webcast scheduled for June 5, 2024. The company will discuss its first-quarter financial results and operational highlights. Key topics include the 1Q24 financial review, market and commercial updates, and 2024 milestones and priorities. The webcast begins at 10:00am ET, with participant dial-in details provided. A playback will be available online post-event.

Fusion Fuel Green, listed on Nasdaq under symbol HTOO, received a deficiency notice from Nasdaq on May 8, 2024. The notice cited that the company's reported shareholders' equity of $3,022,125 for fiscal year ending December 31, 2023, falls short of the minimum $10,000,000 required by Nasdaq's listing rules. Fusion Fuel has 45 days to submit a plan to regain compliance. If accepted, Nasdaq may grant an extension of up to 180 days. Alternatively, the company could apply to transfer its listing to the Nasdaq Capital Market. The notice does not immediately affect the trading of HTOO shares.