We are pleased to announce the proposed business combination agreement between American Metals LLC, a wholly owned subsidiary of American Resources Corporation (NASDAQ: AREC), and AI Transportation Acquisition Corp (NASDAQ: AITR), a publicly listed special purpose acquisition company. This strategic transaction, valued at $170 million, marks a significant milestone in American Metals’ expansion journey.

Under the terms of the agreement, each of AITR and American Metals will become 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 agreement. It is anticipated that the combined company will be listed on the Nasdaq Stock Market under the ticker symbol “EMCO.”

About the Transaction

At the effective time of the transaction, shareholders of American Metals immediately prior to the effective time will receive shares of common stock of the publicly traded entity based on an implied pro forma equity value of approximately $170 million. This proposed business combination agreement will provide American Metals with enhanced capital access and market presence, positioning the company for accelerated growth and expansion in the recycling of critical metals for the electrified economy.

Ian Hanna, Managing Director at ARC Group, commented, “This business combination agreement is a transformative step for American Metals LLC. The enhanced capital access and public market presence will empower American Metals to expand its operations and leadership in the recycling industry. We are thrilled to support American Metals and AI Transportation Acquisition Corp. in this pivotal transaction.”

About American Metals LLC

American Metals LLC is an innovative recycler of metals for the electrified economy, operating within the U.S. coal country. The company focuses on preprocessing 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.

About AI Transportation Acquisition Corporation

AI Transportation Acquisition Corporation (NASDAQ: AITR) is a special purpose acquisition 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 in innovative industries.

Advisors

ARC Group proudly served as the sole financial advisor to AI Transportation Acquisition Corp. in this transaction, providing strategic guidance and expertise to ensure a successful business combination agreement.

About ARC Group

ARC Group is a global financial services and advisory firm with deep roots in Asia. We specialize in bridging markets between Asia, the US, and Europe. Established in 2015, we have grown to become a global leader in SPAC and IPO advisory. In 2020, we were recognized as the best global mid-market investment bank, and in 2022, we topped SPAC M&A charts both in the number of transactions and transactional value. Our services include IPOs, M&A, Financing, Venture Capital, and SPACs. With offices in 12 countries across 3 continents, your achievements are our reason for existence, and your growth is our passion.

For more information or any questions, please contact:

Ian Hanna
Managing Director
ian.hanna@arc-group.com

For media inquiries, please contact:

Anna Sahlberg Carlsson
Marketing Manager
anna.sahlberg@arc-group.com