American Resources Corporation (NASDAQ:AREC) said its sponsored $100 million special purpose acquisition company (SPAC) American Acquisition Opportunity Inc initial public offering (IPO), consisting of 10 million units priced at $10 each, has closed.
American Resources said the SPAC is targeting acquisitions in the landholding and resource industry, with the potential to create, support, and/or innovate for the new economy.
American Acquisition Opportunity units are now listed on NASDAQ under the symbols ‘AMAOU’.
READ: American Resources highlights a “transformational” 2020 as its financial strength improves
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. Only whole warrants are exercisable and will trade on NASDAQ under the symbol ‘AMAOW’.
Kingswood Capital Markets, division of Benchmark Investments Inc acted as the sole book-running manager for the offering.
As well, American Acquisition Opportunity has granted the underwriters a 45-day option to purchase up to an additional 1.5 million units at the IPO price to cover over-allotments, if any.
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.
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