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Global Gas | SC 13D: Statement of acquisition of beneficial ownership by individuals-William Bennett Nance, Jr.(38.8%)

SEC announcement ·  Jan 2 13:00
Summary by Futu AI
On December 21, 2023, William Bennett Nance, Jr., the CEO and board member of Global Gas Corporation, filed a Schedule 13D with the SEC, disclosing the acquisition of a significant stake in the company. Nance now beneficially owns 3,440,000 shares of Class A Common Stock, representing approximately 38.8% of the class, which he has the right to acquire within 60 days through the exchange of Class B Common Stock. This transaction is part of a broader business combination that occurred on the same date, involving Global Gas Corporation and Global Hydrogen Energy LLC, with Nance and other sellers receiving 'Paired Interests' in exchange for their Global Hydrogen Units. The Paired Interests can be exchanged for cash or Class A Common Stock post-lockup period. The Schedule 13D filing also outlines agreements related to board nomination rights and registration rights, as well as indemnification agreements for directors and executive officers. Nance's acquisition is for investment purposes, and he may engage in discussions about the company's operations and governance, potentially influencing its corporate activities.
On December 21, 2023, William Bennett Nance, Jr., the CEO and board member of Global Gas Corporation, filed a Schedule 13D with the SEC, disclosing the acquisition of a significant stake in the company. Nance now beneficially owns 3,440,000 shares of Class A Common Stock, representing approximately 38.8% of the class, which he has the right to acquire within 60 days through the exchange of Class B Common Stock. This transaction is part of a broader business combination that occurred on the same date, involving Global Gas Corporation and Global Hydrogen Energy LLC, with Nance and other sellers receiving 'Paired Interests' in exchange for their Global Hydrogen Units. The Paired Interests can be exchanged for cash or Class A Common Stock post-lockup period. The Schedule 13D filing also outlines agreements related to board nomination rights and registration rights, as well as indemnification agreements for directors and executive officers. Nance's acquisition is for investment purposes, and he may engage in discussions about the company's operations and governance, potentially influencing its corporate activities.
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