Strategic Review to Unlock Shareholder Value VANCOUVER, British Columbia and IRVINE, Calif., Oct. 05, 2021 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) today announced that it will be conducting a process to explore strategic avenues to maximize shareholder value. The Company and external advisors will be considering a broad range of options including receiving strategic investments, international joint ventures, strategic mergers and taking its wholly owned PowerTap Hydrogen Fueling Corp. public via a merger with a USA Special Purpose Acquisition Corp.
Raghu Kilambi, CEO of PowerTap, noted, “In light of various inquiries we have received from potential strategic partners globally and several USA listed SPACs over the past few months, we decided it was prudent to retain financial advisors and conduct a formal process to maximize shareholder value. Our financial advisors are very knowledgeable in clean energy and hydrogen and are enthusiastic about the potential for hydrogen fueling infrastructure globally. The Hydrogen industry has gained global interest in the past 18 months and our unique, patented PowerTap onsite hydrogen production technology is well positioned to play a major role in building out the globally needed hydrogen fueling infrastructure which is needed to build the hydrogen highway.”
There can be no assurance that these mandates will result in a transaction or other strategic change or outcome. The Company has not set a timetable for the conclusion of its review, and it does not intend to comment further unless and until PowerTap’s Board of Directors have approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or required by law.
PowerTap continues to work towards an uplisting to NASDAQ and will provide updates via press releases.
PowerTap has retained Jefferies LLC as lead financial advisor and capital markets advisor and Canaccord Genuity Corp. as financial advisor for its process of exploring accretive and synergistic opportunities.
The Company is also announcing that it has amended the mechanics of its sponsorship fee payment in relation to its sponsorship agreement on the No. 17 Indy Lights entry piloted by Devlin DeFrancesco, that was initially announced on May 17, 2021. As part of the sponsorship fee for 2021, the Company will issue an additional 2,100,000 common shares at deemed value of $0.73 per common share. The common shares are subject to a four month and one day hold period from the date of issuance and are subject to the Neo Exchange's acceptance of final filing documents.
https://www.globenewswire.com/news-release/2021/10/05/2308379/0/en/PowerTap-launches-a-Strategic-Review-to-Unlock-Shareholder-Value.html