Ilustrato Pictures International recently signed a Stock Purchase Agreement with Fusion Fuel (HTOO) Green and certain other shareholders of Quality Industrial Corp. for Fusion Fuel to acquire a 69.36% stake in Quality Industrial. As consideration for the ILUS stake in QIND, Fusion Fuel will issue a combination of ordinary shares and convertible preferred shares, resulting in ILUS holding a stake of 55.38% of Fusion Fuel on an as-converted, fully diluted basis. The preferred shares, however, will not be converted until Fusion Fuel’s shareholders approve their conversion to ordinary shares and clearance of an initial listing application to be filed with Nasdaq.
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