Form 8-K - Current report
June 21 2024 - 4:15PM
Edgar (US Regulatory)
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2024-06-17
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2024-06-17
2024-06-17
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(D)
OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date
of earliest event reported): June 17, 2024
Global Gas Corporation
(Exact name of registrant
as specified in its charter)
Delaware |
|
001-39819 |
|
85-1617911 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
99 Wall Street, Suite 436 |
|
|
New York, New York |
|
10005 |
(Address of principal executive offices) |
|
(Zip Code) |
(917)
327-0437
(Registrant’s telephone
number,
including area code)
Not Applicable
(Former name or former
address, if changed since last report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Class A common stock, par value $0.0001 per share |
|
HGAS |
|
The Nasdaq Stock
Market LLC |
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
|
HGASW |
|
The Nasdaq Stock
Market LLC |
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective
June 17, 2024, Global Gas Corporation (the “Company”) terminated its Chief Executive Officer, William Bennet Nance, Jr., for
“Cause,” as defined in the Employment Agreement, dated as of May 14, 2023, as amended, between Mr. Nance and Global Hydrogen
Energy LLC, a subsidiary of the Company (the “Employment Agreement”).
Pursuant
to the Employment Agreement, on June 8, 2024, the Company sent Mr. Nance a notice (the “June 8th Notice”) enumerating
acts or omissions committed by him constituting: (i) gross misconduct or gross negligence in the performance of Mr. Nance’s duties
or responsibilities, which acts or omissions have or were reasonably expected to have an adverse effect on the Company Group (defined
in the Employment Agreement); (ii) a breach of Mr. Nance’s fiduciary duty and duty of loyalty to the Company and the Company Group;
and/or (iii) actions or omissions that have damaged or were reasonably expected to materially damage the financial condition, business,
or reputation of the Company and/or the members of the Company Group. The Company provided Mr. Nance with thirty (30) days to cure acts
or omissions enumerated in the notice that could be capable of being cured. On June 10, 2024, in response to the June 8th Notice,
Mr. Nance notified (the “June 10th Notice”) the Company that he disagreed with all of the statements in the June
8th Notice. This rejection made clear that he had no intent to seek to cure any of the events within a cure period. Instead,
Mr. Nance asserted that he was resigning for “Good Reason” as defined in the Employment Agreement no later than 45 days from
the receipt of the June 10th Notice. Thereafter, Mr. Nance committed additional acts in violation of the Employment Agreement
that constituted separate grounds supporting his termination under the Employment Agreement for “Cause”. Based on the foregoing,
the Company has terminated Mr. Nance for “Cause.”
Pursuant
to the Employment Agreement, Mr. Nance’s termination as an officer triggered his immediate and automatic resignation as a director
of the Company.
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: June 21, 2024 |
By: |
/s/ Carter Glatt |
|
Name: |
Carter Glatt |
|
Title: |
Chairman of the Board |
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Jun. 17, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jun. 17, 2024
|
Entity File Number |
001-39819
|
Entity Registrant Name |
Global Gas Corporation
|
Entity Central Index Key |
0001817232
|
Entity Tax Identification Number |
85-1617911
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
99 Wall Street
|
Entity Address, Address Line Two |
Suite 436
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10005
|
City Area Code |
917
|
Local Phone Number |
327-0437
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
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|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Class A common stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A common stock, par value $0.0001 per share
|
Trading Symbol |
HGAS
|
Security Exchange Name |
NASDAQ
|
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
|
Title of 12(b) Security |
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share
|
Trading Symbol |
HGASW
|
Security Exchange Name |
NASDAQ
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