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RMG Acquisition Corp. III (RMGC) has adjourned its special shareholder meeting, originally scheduled for January 10, 2023, to January 11, 2023, without conducting any business. This meeting aims to approve the Extension Amendment as detailed in a proxy statement filed with the SEC on December 1, 2022. The meeting is crucial for allowing RMG III to extend the deadline for a business combination from February 9, 2023, to May 9, 2023. Shareholders are reminded that the record date remains November 22, 2022, and previously distributed proxy cards can still be used to vote.
H2B2 Electrolysis Technologies has signed a letter of intent with RMG Acquisition Corporation III (RMGC) for a potential business combination. H2B2, a green hydrogen production leader, aims to leverage proprietary technology and extensive global reach to enhance market presence. With expected public grants of €25 million from the European Commission and additional funding from the California Energy Commission, H2B2 is well-positioned for growth. The hydrogen energy market is projected to hit $10 trillion by 2030. A definitive agreement is anticipated by Q1 2023.
RMG Acquisition Corp. III received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Quarterly Report on Form 10-Q for Q1 2021. While the notice does not immediately affect trading, the company has until July 27, 2021, to submit a compliance plan. Following new SEC guidance on the accounting of warrants, RMG has reclassified its redeemable warrants as derivative liabilities and is working to finalize its financial statements to regain compliance.