Aimei Health Technology Co., Ltd. (AFJK)

Aimei Health Technology Co., Ltd. is a blank check company, incorporated in the Cayman Islands as an exempted company on April 27, 2023. It was formed to effect a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It has no operating business of its own. It seeks to acquire small cap businesses in the biopharmaceutical, medical technology and device industries, as well as the diagnostic and other services sector, and its search is not limited to any geographic region.

The company completed its IPO on December 6, 2023, selling 6,000,000 units at $10.00 each for gross proceeds of $60,000,000. Each unit consists of one ordinary share and one right to receive one-fifth of an ordinary share upon an initial business combination. The underwriters exercised the over-allotment option in full for an additional $9,000,000. Aimei Investment Ltd., the sponsor, bought 332,000 private units for $3,320,000. A total of $69,690,000 was placed in a U.S. trust account held in cash or invested in short-term U.S. government securities or money market funds. Underwriting discounts included $690,000 deferred until a business combination closes. Spartan Capital Securities, LLC was the representative of the underwriters.

On June 19, 2024, the company signed a business combination agreement with United Hydrogen Group Inc., a Cayman Islands company, and its affiliated entity United Hydrogen Global Inc. ("Pubco"), together with two Pubco merger subsidiaries. Under the agreement, United Hydrogen and the company would each become wholly-owned subsidiaries of Pubco, and company shares and rights would convert into Pubco Class A ordinary shares. Closing conditions include shareholder approvals, an effective Form F-4, Nasdaq listing, foreign private issuer status, a minimum of $5,000,001 in net tangible assets and, where applicable, China Securities Regulatory Commission approval. Shareholders approved the transaction on November 6, 2025, and the Form F-4 was declared effective on September 26, 2025. The CSRC review remains pending, and the company expects to close by May 2026.

The company originally had 12 months from the IPO to complete a business combination. Shareholder-approved amendments now allow up to 36 months through monthly extensions, funded by deposits from the sponsor or its designees into the trust account. Those deposits are non-interest-bearing loans, and the sponsor has waived repayment from the trust if no deal closes. The deposit amount has changed over time and most recently was set at the lesser of $80,000 or $0.033 per public share. If no business combination is completed in time, the company will liquidate the trust account, distribute the funds to public holders and dissolve. Continental Stock Transfer & Trust Company serves as trustee under the trust agreement.