Shorepower Technologies Inc. (OTC: SPEV) has entered into a definitive merger agreement with Aeternum Health LLC, representing a significant strategic realignment for the publicly traded company. Under the transaction terms, Aeternum Health's sole member will receive 51% common stock ownership in the combined entity, along with 2 million Series B Preferred Shares and a minimum cash contribution of $1.5 million at closing. The merger reflects a complete business pivot away from the company's current focus on transportation electrification infrastructure.
Following the merger's completion, Shorepower will establish itself as a longevity and health optimization platform under the new corporate name Aeternum Health Inc. The company intends to separate its existing transportation electrification business as a distinct entity prior to the merger close. Paul E. Mann, currently serving as Chief Executive Officer of ASP Isotopes Inc. (NASDAQ: ASPI), has been designated to assume the CEO position at the merged company upon transaction completion.
The strategic transition positions Shorepower to operate within the rapidly expanding longevity healthcare sector, while allowing shareholders exposure to both the legacy transportation infrastructure business and the emerging health optimization platform through the planned spin-off structure.