Global Gas Corp. Enters Material Definitive Agreement
Ticker: HGASW · Form: 8-K · Filed: Mar 5, 2024 · CIK: 1817232
| Field | Detail |
|---|---|
| Company | Global Gas CORP (HGASW) |
| Form Type | 8-K |
| Filed Date | Mar 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $11.50, $250,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, corporate-action
TL;DR
Global Gas Corp. signed a big deal on March 4th. Details in the 8-K.
AI Summary
Global Gas Corp. entered into a material definitive agreement on March 4, 2024. The company, formerly known as Dune Acquisition Corp., is incorporated in Delaware and its principal executive offices are located at 99 Wall Street, Suite 436, New York, NY 10005. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates a significant new contract or partnership for Global Gas Corp., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities, the specifics of which are not detailed in this initial filing.
Key Numbers
- 001-39819 — SEC File Number (Identifies the company's filing history with the SEC.)
- 85-1617911 — IRS Number (Company's Employer Identification Number.)
Key Players & Entities
- Global Gas Corp. (company) — Registrant
- Dune Acquisition Corp. (company) — Former company name
- March 4, 2024 (date) — Date of earliest event reported
- 99 Wall Street, Suite 436, New York, NY 10005 (address) — Business and mailing address
FAQ
What is the nature of the material definitive agreement entered into by Global Gas Corp.?
The filing states that Global Gas Corp. entered into a material definitive agreement on March 4, 2024, but the specific details of this agreement are not provided in this section of the 8-K.
When was Global Gas Corp. formerly known as Dune Acquisition Corp.?
The company's name was changed from Dune Acquisition Corp. on July 8, 2020.
Where is Global Gas Corp. incorporated?
Global Gas Corp. is incorporated in Delaware.
What is the primary business of Global Gas Corp.?
Global Gas Corp. is classified under the Standard Industrial Classification code 2810 for INDUSTRIAL INORGANIC CHEMICALS.
What is the earliest event date reported in this 8-K filing?
The earliest event date reported is March 4, 2024.
Filing Stats: 872 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-03-05 16:30:15
Key Financial Figures
- $0.0001 — tered Class A common stock, par value $0.0001 per share HGAS The Nasdaq Stock Mar
- $11.50 — mon stock, each at an exercise price of $11.50 per share HGASW The Nasdaq Stock Ma
- $250,000 — g principles, up to a maximum amount of $250,000 on an annualized basis, less applicable
Filing Documents
- ea0201241-8k_globalgas.htm (8-K) — 35KB
- ea0201241ex10-1_globalgas.htm (EX-10.1) — 13KB
- ea0201241ex10-2_globalgas.htm (EX-10.2) — 5KB
- 0001213900-24-020146.txt ( ) — 276KB
- hgas-20240304.xsd (EX-101.SCH) — 4KB
- hgas-20240304_def.xml (EX-101.DEF) — 26KB
- hgas-20240304_lab.xml (EX-101.LAB) — 36KB
- hgas-20240304_pre.xml (EX-101.PRE) — 25KB
- ea0201241-8k_globalgas_htm.xml (XML) — 6KB
01 Entry into
Item 1.01 Entry into a Material Definitive Agreement. Employment Agreement Amendment On March 4, 2024, Global Hydrogen Energy LLC ("Global Hydrogen"), the wholly-owned operating subsidiary of Global Gas Corporation (the "Company"), entered into an employment agreement amendment (the "Employment Agreement Amendment") with William Bennet Nance, Jr., the Chief Executive Officer and Founder of Global Hydrogen and a director of the Company. Pursuant to the Employment Agreement Amendment, Mr. Nance's compensation was restructured to entitle him to contingent payments ("Gross Profit Payments") equal to 15% of the Gross Profit (as defined in the Employment Agreement Amendment) of the Company, determined in accordance with U.S. generally accepted accounting principles, up to a maximum amount of $250,000 on an annualized basis, less applicable taxes and withholdings, in lieu of the base salary he had previously been entitled to. The Employment Agreement Amendment also made conforming changes to Mr. Nance's employment agreement, such that (i) the change in his compensation structure effected by the Employment Agreement Amendment shall not constitute "good reason" for Mr. Nance to terminate his employment with Global Hydrogen, other subsidiaries of the Company or the Company itself, and (ii) if Mr. Nance's employment is terminated by him for good reason, or by the Company without cause (and not due to death or disability), Mr. Nance shall be entitled to consideration updated to include any earned but unpaid Gross Profit Payments through the date of termination. The Employment Agreement Amendment also shortened the restricted period during which certain non-competition and non-solicitation provisions of Mr. Nance's original employment agreement shall remain in effect. The foregoing description of the Employment Agreement Amendment is qualified in its entirety by the full text of the Employment Agreement Amendment, a copy of which is attached hereto as Exhibit 10.1. Forfeit
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibit 10.1 Employment Agreement Amendment, dated as of March 4, 2024, between Global Hydrogen and Mr. Nance. 10.2 Form of Forfeiture Agreements, dated as of March 4, 2024. 104 Cover page interactive data file (embedded within the Inline XBRL document). 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GLOBAL GAS CORPORATION Date: March 5, 2024 By: /s/ Shachi Shah Name: Shachi Shah Title: Chief Financial Officer 2