Ares Motor Works, Inc. entered into a non-binding letter of intent to acquire Yunhong International (NasdaqCM:ZGYH) in a reverse merger transaction in January 2021. Ares Motor Works entered into a definitive agreement to acquire Yunhong International on May 14, 2021. The potential maximum value of the transaction is approximately $7.35 billion. On February 10, 2021, Yunhong International issued an unsecured promissory note in the principal amount of $0.69 million to Ares, in connection with the letter of intent. The promissory note bears no interest. The principal balance of the promissory note shall be due and payable in accordance with its terms on or before November 18, 2021. In connection with the issuances of the promissory note, Ares deposited an aggregate of $0.69 million, or $0.10 per public share, representing the proceeds of the promissory note into Yunhong International’s trust account on February 10, 2021. Pursuant to the agreement, Ares Motor Works has secured an equity investment from Harvest Tech Investment Management in the amount of $307 million in exchange for 384,615,385 shares of Ares Motor prior to the closing date of the agreement. As a result, the period of time Yunhong International has to consummate a business combination has been extended by three months to May 18, 2021. As of May 17, 2021, Yunhong International extend the period of time it has to consummate its initial business combination by three months to August 18, 2021. as on August 17, 2021,an aggregate amount of $0.69 million has been deposited into the Company's trust account for its public shareholders (the "Trust Account"), representing $0.10 per public share, which enables the Company to extend the period of time it has to consummate its initial business combination by three months to November 18, 2021. The completion of the transaction is subject to, among other things, the completion of due diligence, the negotiation and execution of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by Yunhong International's stockholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Yunhong International is in the process of negotiating a definitive acquisition agreement with Ares Motor Works. ARC Group Limited is acting as the financial advisor to Giga Energy, Inc. Ellenoff Grossman & Schole LLP is acting as the Company's U.S. legal advisors, and Ogier is acting as its Cayman Islands legal advisors to Yunhong International. Loeb & Loeb LLP is acting as U.S. legal advisors to Giga Energy. Ares Motor Works, Inc. cancelled the acquisition of Yunhong International (NasdaqCM:ZGYH) in a reverse merger transaction on September 8, 2021.