American Metals LLC Agrees to Business Combination with AI Transportation Acquisition Corp, Shares Rise 14%

American Resources Corporation’s (NASDAQ: AREC) subsidiary, American Metals LLC (Nasdaq: AITR), has executed a business combination agreement with Nasdaq-listed AI Transportation Acquisition Corp. This strategic move is poised to enhance American Metals’ capabilities in recycling critical metals crucial for the electrified economy.

Highlights:

• The business combination represents a total equity value of USD 170 million for the combined company on a pro forma basis.
• American Metals LLC plans to scale its preprocessing operations for end-of-life magnets, lithium-ion batteries, and ferrous metals to ensure a robust domestic supply chain for essential materials like copper, aluminum, and rare earth elements.
• The company is positioned to contribute significantly to reducing global greenhouse gas emissions by increasing the recycling rates of critical metals, which remain alarmingly low worldwide.