American resources corporation's american metals llc executes business combination agreement with nasdaq-listed ai transportation acquisition corp

~ the proposed transaction represents a total equity value of usd 170 million for the combined company on a pro forma basis ~ ~ american metals llc, a cutting-edge recycler of metals for the electrified economy, operates within the u.s. coal country, surrounded by an abundance of copper, aluminum and metal reserves from former thermal coal mines ~ ~ leveraging its successful track record, american metals llc seeks to expand its preprocessing of both end-of-life magnets, lithium-ion batteries and ferrous metals to ensure a domestic supply chain for copper, aluminum, steel, plastic as well as rare earth and battery elements ~ new york, ny / fishers, in / accesswire / july 1, 2024 / american resources corporation's (nasdaq:arec) ("american resources") wholly-owned subsidiary, american metals llc ("american metals"), and ai transportation acquisition corp (nasdaq: aitr), a publicly-listed special purpose acquisition company ("aitr"), today announced that american metals and aitr have executed a definitive business combination agreement (the "business combination agreement") for a proposed business combination (the "business combination") in a transaction valued at $170,000,000. pursuant to the business combination agreement, each of aitr and american metals will become wholly-owned subsidiaries of a newly formed delaware corporation, electrified materials corporation ("pubco"), which will serve as the parent company of aitr and american metals following the consummation of the business combination.
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