Fusion Fuel Green PLC announced on November 26, 2024, the successful closing of its previously disclosed transaction to acquire a controlling stake in Quality Industrial Corp. (QIND) through a share exchange. This acquisition strengthens Fusion Fuel’s position in the energy engineering, supply, and services business.
As part of the transaction, John-Paul Backwell has been appointed Chief Executive Officer and will join the company’s Board of Directors, effective immediately. Frederico Figueira de Chaves, the former CEO, will transition to Chief Strategy Officer and Head of Hydrogen Solutions, while Gavin Jones continues as Chief Financial Officer.
The company also announced that a hearing to appeal the delisting of its securities from Nasdaq has been scheduled for January 7, 2025. Management expressed confidence that following the close of this transaction and the consolidation of financials, Fusion Fuel will meet the stockholder equity requirements for continued listing.
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