American Resources Corporation (NASDAQ:AREC), a raw materials supplier, announced Friday that American Acquisition Opportunity Inc (AAOI), a special purpose acquisition company (SPAC) the company is indirectly invested in, has filed with the SEC, to undergo an IPO of its units.
AAOI will target a platform-building acquisition in the landholdings and resources industry that generates current revenues from its legacy industries, the company said, with a predominant focus on natural resources.
The SPAC’s goal is to look beyond the target’s current business model and pursue a growth industry of clean energies, social impact and new industries, such as recycling and redevelopment, the company said.
READ: American Resources says that, with the addition of Hasler Ventures, it has licensed ligand assisted displacement (LAD) chromatography patents
The proposed public offering is expected to have a base size of $100 million, which could jump to as high as $115 million if the underwriters fully exercise their overallotment option.
AAOI will be managed by the company’s management team, the company added.
American Resources is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The company 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.
It 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.
Contact Andrew Kessel at [email protected]
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Story by ProactiveInvestors
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