American Resources Corporation's American Metals LLC Converts to C Corp and Changes Name To Electrified Materials Corporation
American Resources (NASDAQ:AREC) announced that its subsidiary, Electrified Materials (formerly American Metals ), has terminated its de-SPAC merger with AI Transportation Acquisition Corp. Instead, EMC will pursue a direct listing through a Form 10 filing with the SEC.
The decision came after concerns arose regarding the Chinese executives and advisors of AI Transportation's actions and their disregard for U.S. corporate and contractual laws. EMC, which has commercial ties with ReElement Technologies in critical minerals refining, believes a Form 10 spinoff better ensures domestic ownership and compliance with U.S. laws.
The company has completed the Form 10 preparation and plans to file it promptly with the SEC. Both EMC and American Resources intend to seek damages against AI Transportation Acquisition Corp, its executives, and advisors.
American Resources (NASDAQ:AREC) ha annunciato che la sua sussidiaria, Electrified Materials (precedentemente American Metals), ha terminato la sua operazione di de-SPAC con AI Transportation Acquisition Corp. Invece, EMC perseguirà una quotazione diretta tramite un deposito di Form 10 presso la SEC.
La decisione è stata presa dopo che sono emerse preoccupazioni riguardo alle azioni dei dirigenti e consulenti cinesi di AI Transportation e al loro disprezzo delle leggi aziendali e contrattuali statunitensi. EMC, che ha legami commerciali con ReElement Technologies nella raffinazione di minerali critici, ritiene che uno spin-off tramite Form 10 garantisca meglio la proprietà domestica e la conformità alle leggi statunitensi.
L'azienda ha completato la preparazione del Form 10 e prevede di presentarlo prontamente alla SEC. Sia EMC che American Resources intendono fare causa per danni contro AI Transportation Acquisition Corp, i suoi dirigenti e consulenti.
American Resources (NASDAQ:AREC) anunció que su subsidiaria, Electrified Materials (anteriormente American Metals), ha terminado su fusión de de-SPAC con AI Transportation Acquisition Corp. En su lugar, EMC buscará una cotización directa a través de un depósito de Form 10 ante la SEC.
La decisión se tomó después de que surgieron preocupaciones sobre las acciones de los ejecutivos y asesores chinos de AI Transportation y su desdén por las leyes corporativas y contractuales de EE. UU. EMC, que tiene lazos comerciales con ReElement Technologies en la refinación de minerales críticos, cree que un escisión a través del Form 10 garantiza mejor la propiedad nacional y el cumplimiento de las leyes estadounidenses.
La compañía ha completado la preparación del Form 10 y planea presentarlo de inmediato a la SEC. Tanto EMC como American Resources tienen la intención de buscar daños contra AI Transportation Acquisition Corp, sus ejecutivos y asesores.
American Resources (NASDAQ:AREC)는 자회사가 있는 Electrified Materials (이전명: American Metals)가 AI Transportation Acquisition Corp와의 de-SPAC 합병을 종료했다고 발표했습니다. 대신, EMC는 SEC에 Form 10 제출을 통해 직접 상장을 추구할 것입니다.
이 결정은 AI Transportation의 중국 경영진 및 고문들의 행동과 미국의 기업 및 계약 법률에 대한 경시 우려가 제기된 후 내려졌습니다. EMC는 중요한 광물 정제 분야에서 ReElement Technologies와 상업적 관계를 가지고 있으며, Form 10 분할이 국내 소유권과 미국 법률 준수를 보다 잘 보장한다고 믿고 있습니다.
회사는 Form 10 준비를 마쳤으며 SEC에 신속하게 제출할 계획입니다. EMC와 American Resources는 AI Transportation Acquisition Corp, 그 경영진 및 고문들을 상대로 손해 배상을 청구할 의도를 가지고 있습니다.
American Resources (NASDAQ:AREC) a annoncé que sa filiale, Electrified Materials (anciennement American Metals), a mis fin à sa fusion de de-SPAC avec AI Transportation Acquisition Corp. Au lieu de cela, EMC poursuivra une cotation directe via un dépôt de Form 10 auprès de la SEC.
La décision a été prise après l'émergence de préoccupations concernant les actions des cadres et conseillers chinois d'AI Transportation et leur mépris des lois américaines sur les entreprises et les contrats. EMC, qui a des liens commerciaux avec ReElement Technologies dans le domaine de la raffinerie de minéraux critiques, estime qu'une scission via le Form 10 garantit mieux la propriété nationale et la conformité aux lois américaines.
L'entreprise a terminé la préparation du Form 10 et prévoit de le déposer rapidement auprès de la SEC. Tant EMC qu'American Resources ont l'intention de demander des dommages-intérêts contre AI Transportation Acquisition Corp, ses dirigeants et ses conseillers.
American Resources (NASDAQ:AREC) gab bekannt, dass ihre Tochtergesellschaft, Electrified Materials (ehemals American Metals), ihre de-SPAC Fusion mit AI Transportation Acquisition Corp beendet hat. Stattdessen wird EMC eine direkte Notierung über eine Form-10-Einreichung bei der SEC anstreben.
Die Entscheidung kam, nachdem Bedenken hinsichtlich der Handlungen der chinesischen Führungskräfte und Berater von AI Transportation und ihrer Missachtung der US-Unternehmens- und Vertragsgesetze aufgekommen waren. EMC, das kommerzielle Verbindungen zu ReElement Technologies in der Raffinierung kritischer Mineralien hat, ist der Meinung, dass eine Form-10-Ausgliederung besser die einheimische Eigentümerschaft und die Einhaltung der US-Gesetze sicherstellt.
Das Unternehmen hat die Vorbereitung des Form 10 abgeschlossen und plant, es umgehend bei der SEC einzureichen. Sowohl EMC als auch American Resources beabsichtigen, Schadensersatzforderungen gegen AI Transportation Acquisition Corp, deren Führungskräfte und Berater zu stellen.
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De-SPAC merger with AI Transportation Acquisition Corp has been terminated with Electrified Materials Corporation and is now preparing to go public via a Form 10 filing
AI Transportation and its representatives have demonstrated a disregard for U.S. corporate and contractual laws and an unwillingness to fulfill their obligations under the executed business combination agreement
NEW YORK, NY and FISHERS, IN / ACCESSWIRE / December 11, 2024 / American Resources Corporation's (NASDAQ:AREC) ("American Resources") wholly-owned subsidiary, Electrified Materials Corporation (Formerly American Metals LLC) ("EMC") announced today that it is no longer merging with AI Transportation Acquisition Corp, and will seek a direct listing of its securities in a spinoff from American Resources through a Form 10 filing with the U.S. Securities and Exchange Commission (SEC).
Mark Jensen, Chairman and CEO of American Resources Corporation said, "We continue to take decisive actions to protect our shareholders while prioritizing value creation and risk mitigation. During our efforts to pursue a productive de-SPAC merger with AI Transportation, we observed actions by their Chinese executives and advisors that raised significant concerns about the viability of the proposed merger. Additionally, given American Metals' affiliation with and commercial relationship with ReElement Technologies - an entity capable of competing with and potentially surpassing China as the dominant refiner of critical minerals - we now believe pursuing a Form 10 spinoff is the optimal path forward. This approach ensures domestic ownership and compliance with U.S. corporate laws, aligning with the best interests of our shareholders. Furthermore, the proactive steps we have taken in preparing for the proposed merger with AITR have positioned us on an efficient trajectory toward a potential direct public listing on a national exchange. We have finalized the Form 10 and are prepared to file it with the SEC promptly.
Electrified Materials Corporation (Formerly American Metals LLC) and its parent company American Resources Corporation intend to seek damages against AI Transportation Acquisition Corp., along with its executives and its advisors.
About American Resources Corporation
American Resources Corporation (NASDAQ:AREC) is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The American Resources is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the American Resources on Facebook, Twitter, and LinkedIn.
About Electrified Metals Corporation
Electrified Metals Corporation ("Electrified Metals") was formed by, and is a wholly-owned subsidiary of, American Resources Corp (Nasdaq:AREC). Electrified Metals is a cutting-edge recycler of metals for the electrified economy. It controls the preprocessing of both end of life magnets, batteries and ferrous metals that enables Electrified Metals to ensure a domestic supply chain for copper, aluminum, steel, plastic as well as rare earth and battery elements through its refining partnership with ReElement Technologies, LLC, another wholly-owned subsidiary of American Resources Corp.
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.
Investor Contact:
JTC Team, LLC
Jenene Thomas
(908) 824 - 0775
arec@jtcir.com
Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
investor@americanresourcescorp.com
SOURCE: American Resources Corporation
View the original press release on accesswire.com
FAQ
Why did AREC's subsidiary terminate the merger with AI Transportation Acquisition Corp?
What is AREC's new plan for Electrified Materials after the terminated merger?
How does the merger termination affect AREC's relationship with ReElement Technologies?
What legal actions is AREC planning regarding the terminated merger?
What is the current status of AREC's Form 10 filing for Electrified Materials ?
