Through the sale of its Dutch interests to Volt Energy BV, Vision Hydrogen Corporation has monetized its 100% interest in its Vlissingen green hydrogen development project and its 50% interest in its Terneuzen green hydrogen development project.
The purchaser paid a total consideration of USD $23,6 million, consisting of USD $11,2 million in cash and 1,768,182 shares of the company’s common stock valued at the current market price of $7.00 per share, bringing the total number of outstanding common shares to 19,548,776. Before transaction costs, the cash proceeds realized by the company represent a payment of approximately $0.58 cents per share.
VoltH2 Holdings, the company’s Swiss subsidiary, sold VoltH2 Vlissingen BV, VoltH2 Terneuzen BV, and VoltH2 Operating BV to the buyer for USD $11,2 million in cash, a significant return on the USD $2,1 million cash invested in the BVs over the previous 20 months. The purchaser also paid VoltH2 Holdings for 1,768,182 shares of the company’s common stock, which the company has returned to treasury.
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