# Planned Fusion Fuel Share Swap Would Leave QIND With $6.98 Million Due

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/38571
Published: 2026-10-23T01:54:32.000Z
Updated: 2026-10-23T01:54:32.000Z
Section: Business

> The $10 million purchase price is unchanged. The projected balance depends on shareholder cooperation and either the exchange closing or QIND making an alternative payment.

Fusion Fuel Green PLC plans to issue $2 million in shares to restructure part of Quality Industrial Corp.’s (QIND) payments for a 51% stake in UAE gas distributor Al Shola Gas.

Under a Sept. 23 agreement, Fusion Fuel would issue 500,000 Class A ordinary shares, valued at $4 each, to three Al Shola Gas shareholders. QIND would give Fusion Fuel $2 million worth of its common stock in exchange. The number of QIND shares would be based on the lower of its closing price immediately before the exchange closes or its average closing price over the preceding five trading days. Sanjeeb Safir and Safir Ahammed are each allocated 40% of the Fusion Fuel shares, while Mohamed Hilal Saeed Muroushad Almheiri would receive 20%.

The acquisition price remains $10 million. QIND has paid $1.02 million in cash. If the shareholders comply in all material respects with their cooperation obligations and either the exchange closes or QIND makes the alternative payment, QIND would owe $6.98 million by Dec. 31, 2027. That amount includes $6 million that QIND may pay in cash or listed securities at its discretion, plus $980,000 payable in cash.

The exchange has not been confirmed as completed. It is subject to closing conditions, including approval of a Nasdaq initial listing application and other required approvals. Fusion Fuel is not required to submit or pursue that application unless it decides, in its sole discretion, that it meets Nasdaq’s listing requirements. If Fusion Fuel has not issued its shares by Dec. 31, 2026, QIND must settle that $2 million portion within 10 calendar days in cash or certain other securities.

The revised terms remove QIND’s previous commitments to arrange debt financing, credit facilities, equity lines or bank guarantees for Al Shola Gas or its shareholders. They also provide for quarterly distributions equal to the defined profits for the prior fiscal quarter, paid pro rata, beginning with the third quarter of 2026. The Al Shola Gas Board of Directors may decide otherwise.

QIND agreed in March 2024 to acquire the stake for $10 million, and the purchase closed that month. Fusion Fuel is QIND’s majority owner; the three shareholders slated to receive Fusion Fuel shares collectively own the remaining 49% of Al Shola Gas.