Global Hydrogen Energy Completes Business Combination with Dune Acquisition Corporation to Form Publicly Traded Global Gas Corporation

• Pure Play Hydrogen and Carbon Recovery Project Developer and Industrial Gas Supplier
• Global Gas is a Founder-Led, Minority-Owned Business
• All Existing Global Hydrogen Equityholders to Roll 100% of their Equity into the Combined Company
• Approximately 98% of Shares Voted at the Special Meeting of DUNE’s Stockholders Voted to Approve the Business Combination

WEST PALM BEACH, Fla.& NEW YORK, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Global Hydrogen Energy LLC (“Global Hydrogen”), which seeks to be a leader in the sustainable energy transition as a next-generation industrial gas supplier, and Dune Acquisition Corporation (Nasdaq: DUNEU, DUNE, DUNEW) (“Dune”), a special purpose acquisition company, today announced the completion of its previously announced business combination. The combined company is named Global Gas Corporation (“Global Gas”) and its Class A common shares and warrants are expected to commence trading on the Nasdaq Capital Market (“Nasdaq”) under the new ticker symbols “HGAS” and “HGASW,” respectively, on or about December 22, 2023.

Headquartered in New York, Global Gas is led by Founder and Chief Executive Officer William B. Nance, who has over a decade of hydrogen and industrial gas experience. Global Gas is a minority-owned business that targets both private and publicly-funded hydrogen development and carbon recovery projects, including projects supported by local, county, state, and national-level governments. Global Gas primarily targets renewable waste as feedstock to generate the industrial gases it sells, and seeks arrangements with owners of wastewater treatment plants, food waste processing facilities, agricultural farms, and landfills as well as producers and distributors of renewable natural gas. In conjunction with the select specifications of its clients and development partners, Global Gas can deliver both Electrolyzer and Steam Methane Reforming offerings.

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“Hydrogen is the tip of the spear for reducing carbon emissions in hard to decarbonize industries,” said William B. Nance. “The completion of our business combination with Dune positions Global Gas to be a leader in the rapidly growing hydrogen and carbon recovery ecosystem. We look forward to our next chapter as a public company, which will allow us to bring our expertise and infrastructure offerings to a global marketplace.

Global Gas expects to receive a delisting notice from the Nasdaq staff for failure to satisfy the initial listing standards of The Nasdaq Capital Market upon closing of the business combination in accordance with Nasdaq Rule 5101-2. Global Gas intends to timely request a hearing before the Nasdaq Hearings Panel to appeal Nasdaq's delisting determination and work expeditiously to satisfy the applicable initial listing standards of The Nasdaq Capital Market.

Advisors

Winston & Strawn LLP and Sidley Austin LLP are serving as legal advisors to Dune.
Alston & Bird LLP is serving as legal advisor to Global Hydrogen.