American Resources Corporation (NASDAQ:AREC) has said its sponsored $100 million special purpose acquisition company (SPAC), American Acquisition Opportunity Inc, will begin trading today, March 18, on the Nasdaq Capital Market following an initial public offering of 10 million units priced at $10.00 per unit.
American Resources said the SPAC is targeting acquisitions in the landholding and resource industry, and will focus on advancing land and resource assets towards a modern-day business model of clean energy, recycling and redevelopment, and social impact.
The company noted that each American Acquisition Opportunity unit consists of one share of the company's Class A common stock and one-half of one redeemable warrant, entitling the holder to purchase one share of Class A common stock at a price of $11.50 per share.
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Shares of American Acquisition Opportunity and its warrants are expected to be listed on NASDAQ under the symbols ‘AMAO’ and ‘AMAOW’, respectively.
American Resources said American Acquisition Opportunity Inc is a blank check 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.
It added that while the SPAC may pursue an initial business combination target in any business or industry, it intends to focus its search on land and resource holding companies, with the potential to create, support, and/or innovate for the new economy.
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