American Resources Corporation Announces Closing of $100,000,000 Company Sponsored SPAC's Initial Public Offering - American Acquisition Opportunity Inc.

Rhea-AI Summary

American Resources Corporation (NASDAQ:AREC) announced the successful closing of the initial public offering (IPO) for its SPAC, American Acquisition Opportunity Inc., raising $100 million through the sale of 10 million units at $10.00 each. Each unit includes one share of Class A common stock and one-half of a redeemable warrant. The SPAC aims to target land and resource holding companies, fostering innovation for the new economy. The underwriters also received a 45-day option for an additional 1.5 million units. The IPO's success signals confidence in the company’s strategy.

Positive

• Raised $100 million through IPO, enhancing financial resources.
• SPAC focused on land and resource holding companies, opening avenues for strategic acquisitions.
• Underwriters granted a 45-day option for an additional 1.5 million units, indicating strong interest.

Negative

• None.

Company's SPAC is targeting land and resource holding companies, with the potential to create, support, and/or innovate for the new economy.

FISHERS, IN / ACCESSWIRE / March 22, 2021 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced that American Acquisition Opportunity Inc., a blank check company (the "SPAC" or "AMAO"), in which the Company has an indirect investment, has closed its initial public offering of 10,000,000 units at $10.00 per unit. The units are listed on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "AMAOU". Each unit consists of one share of AMAO's Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "AMAO" and "AMAOW", respectively.

American Acquisition Opportunity Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the SPAC may pursue an initial business combination target in any business or industry, it intends to focus its search on land and resource holding companies, with the potential to create, support, and/or innovate for the new economy.

Kingswood Capital Markets, division of Benchmark Investments, Inc. acted as the sole book running manager for the offering. American Acquisition Opportunity Inc. has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Kingswood Capital Markets, division of Benchmark Investments, Inc., Attn: Syndicate Department, 17 Battery Place, Suite 625, New York, New York 10004, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@kingswoodcm.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on March 17, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Special Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

PR Contact
Precision Public Relations
Matt Sheldon
917-280-7329
matt@precisionpr.co

Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com

RedChip Companies Inc.
Todd McKnight
1-800-RED-CHIP (733-2447)
Info@redchip.com

Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com

SOURCE: American Resources Corporation

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https://www.accesswire.com/636799/American-Resources-Corporation-Announces-Closing-of-100000000-Company-Sponsored-SPACs-Initial-Public-Offering--American-Acquisition-Opportunity-Inc

FAQ

What was the purpose of American Acquisition Opportunity Inc.'s IPO?

The IPO aimed to raise capital for potential mergers and acquisitions in the land and resource holding sector.

How much capital did American Acquisition Opportunity Inc. raise in its IPO?

The company raised $100 million through the sale of 10 million units priced at $10 each.

What are the components of the units sold in the IPO?

Each unit consists of one share of Class A common stock and one-half of a redeemable warrant.

What is the ticker symbol for American Acquisition Opportunity Inc.?

The ticker symbol for the SPAC is AMAOU.

What strategic sectors is American Acquisition Opportunity Inc. targeting?

It is focusing on land and resource holding companies to innovate for the new economy.