AI Transportation Acquisition Corp *
The below-announced combination was terminated on 11/29/24. It will remain on the page for reference purposes only. Once a new combination is announced it will be added to the top of the page.
PROPOSED BUSINESS COMBINATION: American Metals LLC
ENTERPRISE VALUE: TBD
ANTICIPATED SYMBOL: EMCO
AI Transportation Acquisition Corp proposes to combine with American Metals LLC
- American Metals LLC (“American Metals”) was formed by, and is a wholly-owned subsidiary of, American Resources Corp (Nasdaq: AREC). American Metals is a cutting-edge recycler of metals for the electrified economy. It controls the preprocessing of both end of life magnets, batteries and ferrous metals that enables American Metals to ensure a domestic supply chain for copper, aluminum, steel, plastic as well as rare earth and battery elements through its refining partnership with ReElement Technologies, LLC, another wholly-owned subsidiary of American Resources Corp.
EXTENSION – 11/27/24 – LINK
- The SPAC approved the extension from November 10, 2024 to November 10, 2025.
- 1,395,408 shares were redeemed.
- $0.033/share per month will be deposited into the trust account.
TRANSACTION
- The proposed transaction represents a total equity value of $170 million for the combined company on a pro forma basis.
- It is anticipated that the combined company will be listed on the Nasdaq Stock Market under the ticker symbol “EMCO.”
- The SPAC and American Metals will become wholly-owned subsidiaries of a newly formed Delaware corporation, Electrified Materials Corporation (“Pubco”), which will serve as the parent company of the SPAC and American Metals following the consummation of the Business Combination.
SPAC FUNDING
- There is no additional funding at this time.
EARNOUT
- Company
- 7,000,000 Shares can be earned at the following thresholds:
- 50% when the company reached an aggregate of $37,900,000 in revenue
- 50% when the company reached an aggregate of $42,800,000 in revenue
- 7,000,000 Shares can be earned at the following thresholds:
LOCK-UP
- Company
- Six months from the Closing Date
- Sponsor
- Six months from the Closing Date or if the share price equals or exceeds $12.00 for 20/30 trading days at least 150 days after the Closing.
NOTABLE CONDITIONS TO CLOSING
- AITR having at least $5,000,001 in net tangible assets as of the Closing, after giving effect to the completion of the Redemption and any private placement financing
NOTABLE CONDITIONS TO TERMINATION
- By either AITR or the Company if the Closing has not occurred on or prior to May 10, 2025 (the “Outside Date”); provided that if AITR, at its election with the consent of the Company, receives shareholder approval for a charter amendment to extend the term it has to consummate a business combination for an additional period equal to the shorter of
- (i) three (3) additional months
- (ii) the period ending on the last date for AITR to consummate its Business Combination pursuant to such subsequent Charter Extension.
ADVISORS
- Company Advisors:
- Loeb & Loeb LLP serves as United States legal counsel
- SPAC Advisors:
- Rimon P.C. serves as United States legal counsel
- Ogier (Caymans) serves as Cayman Islands counsel
- ARC Group Limited is acting as sole financial advisor
MANAGEMENT & BOARD
Executive Officers
Yongjin Chen, 44
Chairman, Chief Executive Officer, Executive Director
Mr. Chen resides in Beijing, China, and brings more than two decades of experience in finance and technology. He is currently a partner at UniTHU Capital (Beijing) Investment Management Co., Ltd, where he has served since July 2017. At UniTHU Capital, Mr. Chen has worked with investors in the technology space. Prior to that, Mr. Chen was a founding partner responsible for fundraising, investment management and other aspects of funds at Beijing D&S Capital Management Co., Ltd, where he served from February 2014 to July 2017. From November 2015 to December 2016, Mr. Chen was the CEO of Beijing Heima Financial and a Managing Partner at the Beijing Heima Fund. From November 2014 to November 2015, he was an Executive Director at Yajie Angel Investment Management (Beijing) Co., Ltd. Mr. Chen started his career as the founder and general manager of HanYu Century (Beijing) Information Technology Co., Ltd. where he developed and operated a web-based virtual community called “Giant Bubble” from January 2007 to November 2014. Mr. Chen holds a Bachelor’s Degree from Tsinghua University’s School of Mechanical Engineering (2000), an MBA from Peking University’s Guanghua School of Management (2015) and a Master’s Degree from Peking University’s Guanghua School of Management (2022).
Yun Wu, 40
Chief Financial Officer and Executive Director
Ms. Wu resides in Beijing, China and brings more than two decades of experience in finance, e-commerce and technology companies. She is currently an accounting supervisor at UniTHU United (Beijing) Investment Management Co., Ltd., where she has served since April 2018 establishing and improving the company’s accounting management and financial management system, preparing and summarizing financial statements and working with audits. At UniTHU, Ms. Wu has also undertaken the due diligence review of government guide funds and has formulated tax financial plans for the company. Prior to that, she was a general ledger accountant at Beijing Dong Qiu Di Technology Co., Ltd. from August 2015 to April 2018, where she was responsible for the financial processing of the e-commerce department, amongst other duties. At Beijing Dong, Ms. Wu also handled and maintained financial aspects of the business including high-tech management and subsequent maintenance and annual audits and tax settlements of domestic and foreign companies. From March 2015 to July 2015, Ms. Wu was a finance supervisor at Beijing Tiantian Fresh Technology Co., Ltd. and from March 2010 to February 2015, she was a finance supervisor at Reisi Interactive (Beijing) Consulting Co., Ltd. At Beijing Tiantian, Ms. Wu was responsible for improving the company’s financial system and sales performance rules, daily business transaction contracts, and daily accounting treatment, among other obligations. At Reisi Interactive, Ms. Wu was responsible for the daily tax work of the company, outsourcing project financial analysis and preparing annual, quarterly and monthly cash flow budgets, among other obligations. Ms. Wu holds a Bachelor’s Degree from Nanjing University (2006) and various accounting certificates, including an intermediate accounting qualification certificate (2022), a fund qualification certificate (2018), an accounting primary qualification certificate (2013) and an accounting professional qualification certificate (2012).
Board of Directors
Wong Ping Kuen, 36
Independent Director Nominee
Mr. Kuen resides in Hong Kong and is currently the Managing Director at Ceres Asset Management Limited, where he has been in charge of information systems, since September 2019. Mr. Kuen is also currently a Managing Director of Credito Capital Group, which he founded in September 2015, and which manages various funds, including Beijing Credito Capital Investment Fund Management Co Ltd and Nanjing Credito Capital Investment Fund Management Co Ltd. Nanjing Credito Capital established, managed and exited a semiconductor early stage fund and Credito Capital Consulting and Appraisal Limited, another one of Credito Capital Group’s entities, provides bond issuances, IPOs, M&A and restructuring consulting for clients in China, Hong Kong and the US. From December 2011 to July 2014, Mr. Kuen was a financial controller at Sunz (China) Holdings Group, where he was involved on various M&A projects, and from September 2008 to November 2011, he was a Senior Associate at Deloitte Touche Tohmatsu. At Sunz, Mr. Kuen also sourced, analyzed and executed various merger and acquisition projects, and at Deloitte, Mr. Kuen engaged in statutory assurance services for public and private companies including Hong Kong-listed and multinational corporations in China. Mr. Kuen holds a Bachelor of Business Administration in Accounting and Information Science from The Hong Kong University of Science and Technology (2008), an MBA from Peking University (2013), an MBA from National University of Singapore (2015) and is a Certified Public Accountant of the Hong Kong Institute of Certified Public Accountants (since 2011).
Ka Cheong Leung, 32
Independent Director Nominee
Mr. Leung resides in Hong Kong and is currently the Chief Operating Officer of Ceres Asset Management Limited, where he has been since September 2021. As the COO of Ceres, Mr. Leung manages and supervises daily fund operations, procedures and risk control guidelines and oversees middle office and funds control along with the company’s investment team. Prior to that, Mr. Leung was the Vice President of Beijing Credito Capital Investment Fund Management Limited, from August 2018 to September 2021, where he conducted research and performed due diligence on investment targets and consulted and advised on business strategy and investments. From January 2017 to July 2018, Mr. Leung was a corporate finance analyst at Cypress House Capital Limited where he advised on transactions under Hong Kong Listing Rules and Codes on Takeovers and Mergers. At Cypress House, Mr. Leung also structured and executed corporate finance engagements for Hong Kong listed companies. Mr. Leung was also an assistant manager for audit financial services at KPMG from April 2015 to January 2017 and a senior associate at PricewaterhouseCoopers from September 2012 to April 2015. Mr. Leung holds a Bachelors of Business Administration in Professional Accounting from The Hong Kong University of Science and Technology (2012) and is a qualified member of the HKICPA (2017).
Dick Wai Mak, 50
Independent Director Nominee
Mr. Mak resides in Hong Kong and is currently the Chief Operating Officer of Yao Teng Investment Fund SPC where he has been since April 2020. At Yao Teng, a mutual fund established in the Cayman Islands, Mr. Mak is involved in the operation of the fund in collaboration with the investment manager, fund administrator and fund advisor. Mr. Mak is also responsible for identifying potential projects, valuation and structure investment. Mr. Mak is also currently an external consultant and Senior Vice President at Credito Capital Group, where he has been since April 2017. Credito focuses on setup and management of industry specific private equity funds in logistics, technology and smart retails. Mr. Mak is responsible at Credito for identifying potential projects, valuation and fundraising strategy. From March 2014 to February 2017, Mr. Mak was the Chief Operating Officer at KIDBOT, an interactive content, service and technology product provider for children. At KIDBOT, Mr. Mak was in charge of education hardware development and business channel networks in China and Hong Kong. Prior to that, Mr. Mak was the Managing Director at Wisefield Consulting Group Ltd. and Nippon Circuits Ltd., from November 2010 to February 2014 and May 2003 to October 2010, respectively. At Wisefield Consulting, Mr. Mak implemented marketing strategy and channel sales programs to support clients, among other roles, and at Nippon Circuits, Mr. Mak and his team successfully developed major global EMS (Electronics Manufacturing Services) and OEM (Original Equipment Manufacturer) accounts, including for many technology companies. Mr. Mak holds a Bachelor’s Degree in Economics from the University of San Diego (1994) and a Master of Science in Financial Management from the University of London (2003).
