The SPAC market has soured over the last two years due to poor financial performance and a regulatory crackdown by the U.S. securities regulator.
In past year, high profile SPAC investors William Ackman and Chamath Palihapitiya have said they will return money to shareholders after they failed to find suitable merger targets.
Huture is a China-based hydrogen-powered vehicle manufacturing company founded in 2020. It plans to trade on the Nasdaq following the merger, which is expected to be completed later this year.
The current shareholders of Huture will retain a majority in the combined company.
