Bestpath Enters into Definitive Merger Agreement with Aquaron Acquisition Corp. (Nasdaq: AQU)

SHANGHAI and NEW YORK, March 27, 2023 /PRNewswire/ -- Bestpath (Shanghai) IoT Technology Co., Ltd. ("Bestpath" or the "Company"), a pioneer in the technology and application of hydrogen fuel cell powered vehicles in China, and Aquaron Acquisition Corp. ("Aquaron") (Nasdaq:AQU), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement (the "Merger Agreement") that will result in Bestpath being operated under a holding entity named Bestpath Group Limited, an exempted company incorporated in Cayman Islands ("Pubco") and plans to trade on the Nasdaq Stock Market (the "Proposed Transaction"). The Proposed Transaction reflects an initial equity value of approximately $1.2 billion.