Loop Energy Announces Complication in Merger Process with H2 Portable Power Corp.

On April 20, 2024, Loop Energy Inc., a Vancouver-based hydrogen fuel cell developer, disclosed a significant hurdle in their planned merger with H2 Portable Power Corp. and 1465123 B.C. Ltd. According to a statement released by the Company, the merger, as originally stipulated in the Amalgamation Agreement dated February 9th, 2024, cannot proceed without amendments. To date, no such amendments have been proposed or agreed upon, casting uncertainty on the merger's completion.

The Company emphasized that while the merger aims to enhance its capabilities in the burgeoning commercial electrification space, particularly in producing hydrogen electric solutions for vehicles and stationary power, the outcome and timing remain uncertain. This announcement underlines the complexities and regulatory challenges often faced in such significant corporate transactions.