Fusion Fuel Green to Acquire Majority Stake in Quality Industrial Corp

San Francisco-based Quality Industrial Corp (OTC PINK: QIND) has announced a significant agreement with Fusion Fuel Green PLC (NASDAQ: HTOO). On November 18, 2024, Fusion Fuel entered a Stock Purchase Agreement to acquire 69% of QIND's capital stock. Fusion Fuel will compensate with a combination of ordinary and convertible preferred shares. However, conversion of these preferred shares requires shareholder approval and Nasdaq clearance. This acquisition is anticipated to change control of QIND, influencing 69.36% of QIND's voting rights.

John-Paul Backwell, CEO of QIND, highlighted the merger's strategic potential, combining QIND's gas expertise with Fusion Fuel's hydrogen engineering capabilities. This integration aims to strengthen market positions in Europe and the Middle East. The agreement's completion is contingent upon various conditions, including regulatory approvals and Nasdaq listing acceptance. Should conditions not be met, the acquisition may not proceed.