TLDR
- Aimei Health Technology (AFJK) experienced a 1,006% rally on Tuesday followed by a 44% drop in after-hours trading
- The SPAC extended its business combination deadline with United Hydrogen Group for the 13th consecutive time
- A $34,330.96 extension payment was deposited into the trust account through an unsecured promissory note
- The merger deadline now extends to December 2026, giving the companies another year to complete the deal
- Year-to-date gains still stand at 724.79% despite the recent volatility
Shares of Aimei Health Technology went on a wild ride this week. The stock exploded higher by more than 1,000% before giving back nearly half those gains.
The New York-based SPAC saw shares climb 1,006.25% during Tuesday’s regular session. The massive move caught the attention of traders across Wall Street.
Aimei Health Technology Co., Ltd, AFJK
The celebration was short-lived. By Wednesday’s after-hours session, the stock had crashed 46.89% to $47. Anyone who bought near the peak faced steep losses within hours.
The price action came as the company announced yet another extension of its merger timeline. Aimei Health pushed back its deadline to combine with Chinese hydrogen energy company United Hydrogen Group.
This marks the 13th time the SPAC has delayed the merger. The pattern of repeated extensions has become a defining feature of this deal.
New Timeline Pushes Into 2026
Shareholders voted on November 26 to approve the latest extension. The deadline moved from December 2025 to December 2026. The companies now have 12 more months to finalize the transaction.
SPACs must pay an extension fee to legally delay their merger deadline. Aimei Health deposited $34,330.96 into its trust account for public shareholders. That breaks down to $0.033 per outstanding public share.
The payment came from two parties. Aimei Health Limited, the SPAC’s sponsor, put up $17,165.48. United Hydrogen Group matched that amount with its own $17,165.48 contribution.
Converting Notes to Shares
The extension payment took the form of an unsecured promissory note. The loan carries no interest charges and isn’t backed by collateral.
When the merger closes, note holders can convert their investment into private units. The conversion price is set at $10 per unit. Each unit includes one ordinary share plus rights to receive one-fifth of an additional share.
The SEC filing detailing these terms appeared in a Form 8-K report filed Monday. The document disclosed the extension as a major corporate event requiring shareholder awareness.
Trading Patterns
Aimei Health wasn’t alone in seeing extreme price swings. Fellow SPAC AlphaTime Acquisition Corp jumped as much as 358% in early Tuesday trading after shareholders approved its own merger deal.
AFJK currently holds a market cap of $541.77 million. The stock has traded between $6.75 and $98.15 over the past 52 weeks.
Despite the recent pullback, shares remain up 724.79% for the year. Over the past five trading days alone, the stock has gained 884.43%.
The 13th extension falls within the limits set by the company’s amended articles of association. Each monthly extension requires a new payment into the trust account.
The note allows both Aimei Health Limited and United Hydrogen Group to potentially increase their stake in the combined company post-merger.
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