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AI Transportation Acquisition Corp (NASDAQ: AITR) is a blank check company recently incorporated in the Cayman Islands. The company is dedicated to effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. With a strategic focus on the AI transportation industry, AI Transportation Acquisition Corp aims to target sectors such as logistics, new energy vehicles, smart parking, on-board chips, AI algorithms, automotive services, and other types of 'intelligent transportation.'
On November 8, 2023, the company announced the pricing of its initial public offering (IPO) where 6,000,000 units were issued at $10.00 per unit, generating gross proceeds of $60,000,000. The units began trading on the Nasdaq Global Market under the symbol 'AITRU' starting from November 9, 2023. Each unit consists of one ordinary share and one right to receive one-eighth (1/8) of an ordinary share upon the completion of an initial business combination. The ordinary shares and rights are expected to be listed on NASDAQ under the symbols 'AITR' and 'AITRR,' respectively, once they begin separate trading.
The company's IPO was managed by EF Hutton, a division of Benchmark Investments, LLC, serving as the sole book-running manager, with Brookline Capital Markets, a division of Arcadia Securities, LLC, acting as co-manager. The legal counsel for AI Transportation Acquisition Corp was provided by Rimon P.C., while EF Hutton was advised by Loeb & Loeb LLP.
AI Transportation Acquisition Corp is led by its Chief Executive Officer, Mr. Yongjin Chen. The company intends to leverage its proceeds to identify and acquire businesses that are pioneering advancements in the AI transportation sector. As a blank check company, AI Transportation Acquisition Corp has not yet selected a target for its business combination, nor initiated any substantive discussions with potential targets.
Investors and stakeholders can obtain copies of the registration statement and the prospectus from the SEC's website or by contacting EF Hutton. The company remains committed to providing periodic updates and detailed information about its performance, events, and significant developments to keep its investors well-informed.
AI Transportation Acquisition Corp (NASDAQ: AITR) has announced the termination of its business combination agreement with American Metals The agreement, initially entered on June 28, 2024, involved Electrified Materials , AITR Merger Sub 1 Corp, AITR Merger Sub 2 Corp, and American Metals The termination notice was delivered on November 27, 2024, and became effective immediately. AITR and its sponsor are now seeking alternative business combination opportunities.
AI Transportation Acquisition Corp (NASDAQ: AITR) announced the postponement of its extraordinary general meeting from November 8, 2024, to November 22, 2024, at 9:30 a.m. Eastern Time. The meeting aims to procure additional votes for proposals. Shareholders can attend in person or virtually via the company's website using their 12-digit meeting control number. The record date remains October 18, 2024. To exercise redemption rights, shareholders must submit certificates to Continental Stock Transfer & Trust Company by November 20, 2024. Previously submitted redemption requests can be withdrawn prior to the rescheduled meeting.
American Resources (NASDAQ: AREC) announces a significant development: India's LOHUM Cleantech has signed an MOU with ReElement Technologies and American Metals to establish the United States' first fully integrated battery recycling and critical material production facility. The joint venture will invest $30 million to create a 15.5 GWh facility, generating 250 green jobs. The facility aims to supply over 315,000 electric vehicles annually with recycled materials.
The integrated facility will cover the entire battery lifecycle, from testing to recycling and refining, producing critical materials with purity levels exceeding 99.5%. Initially located at the Marion Advanced Technology Center in Indiana, the venture plans to expand to other locations. This collaboration is expected to significantly reduce capital expenditure, environmental impact, and operational costs in battery material processing.
American Resources ’s subsidiary, American Metals , has entered into a definitive business combination agreement with AI Transportation Acquisition Corp (AITR), a Nasdaq-listed SPAC. This transaction values the combined entity at $170 million.
The new organization, Electrified Materials (Pubco), will list on Nasdaq under the ticker “EMCO.” American Metals specializes in recycling metals critical to the electrified economy, leveraging its infrastructure and partnerships to enhance its metal recycling and refining capabilities.
Key details include a closed-loop supply chain partnership with ReElement Technologies, aiming to boost production of steel, battery-grade, and magnet-grade products. The combination, pending regulatory and shareholder approvals, intends to create a robust platform for growth and technology adoption in the recycling sector.
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