Onfolio Holdings Inc.
(NASDAQ:ONFO) stock trading lower on Wednesday after a highly volatile session, giving up earlier gains despite announcing a strategic combination with Paramount Helium.
Proposed Helium Deal Onfolio said Wednesday it signed a binding letter of intent with Paramount Helium for a strategic combination that would expand the company into the industrial gas market through a U.S.-based helium resource.
The proposed transaction would give Onfolio access to an estimated $3 billion U.S.-based helium resource, targeting potential supply for semiconductor manufacturing, space exploration, aerospace and defense markets.
Under the proposed transaction, Paramount Helium agreed to terms with the secured creditors of Proton Green LLC to acquire the senior debt position backed by Proton Green's helium and carbon dioxide assets in North America.
