# American Metals LLC to merge with AI Transportation Acquisition Corp in $170M deal

American Resources Corporation's subsidiary American Metals LLC has executed a business combination agreement with Nasdaq-listed SPAC AI Transportation Acquisition Corp, valuing the combined company at $170 million. The new entity, Electrified Materials Corporation, will list on Nasdaq under ticker EMCO.

- Type: Acquisition
- Announced: 2024-07-01
- Where: New York, New York and Fishers, Indiana, United States
- Value: $170.0M
- Status: announced
- Products: recycled metals, battery-grade products, magnet-grade products
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [American Metals Group](https://endata.com/companies/23400.md) (target)
- [AI Transportation Acquisition Corp](https://endata.com/companies/78339.md) (acquirer)
- [American Resources Corporation](https://endata.com/companies/78340.md) (investor)
- [American Resources Corporation](https://endata.com/companies/78340.md) (partner)

## Sources

- [nasdaq.com](https://www.nasdaq.com/press-release/american-resources-corporations-american-metals-llc-executes-business-combination-0), 2024-07-01: "American Resources Corporation's (NASDAQ:AREC) wholly-owned subsidiary, American Metals LLC, and AI Transportation Acquisition Corp today announced that American Metals and AITR have executed a definitive business combination agreement for a proposed business combination in a transaction valued at $"
- [globenewswire.com](https://www.globenewswire.com/news-release/2024/07/01/2906673/0/en/american-resources-corporation-s-american-metals-llc-executes-business-combination-with-nasdaq-listed-ai-transportation-acquisition-corp.html), 2024-07-01: "The proposed transaction represents a total equity value of USD 170 million for the combined company on a pro forma basis."
- [finance.yahoo.com](https://finance.yahoo.com/news/american-resources-corporation-american-metals-120000377.html), 2024-07-01: "The proposed transaction represents a total equity value of USD 170 million for the combined company on a pro forma basis."
- [arc-group.com](https://arc-group.com/american-metals-llc-transportation-acquisition-corp-business-combination/), 2024-07-02: "This business combination agreement is a transformative step for American Metals LLC."
- [metaltechnews.com](https://www.metaltechnews.com/story/2024/07/03/tech-metals/merger-fuels-metal-recycling-expansion/1826.html), 2024-07-03: "American Resources Corp.'s subsidiary, American Metals LLC, has inked a definitive business combination agreement with AI Transportation Acquisition Corp."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.