American Resources files Form 10 registration statement for planned spin-off

American Resources announced the filing of the Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of its ReElement Technologies division into a standalone public company. The Form 10 includes detailed information about ReElement Technologies, including an overview of its business and strategy, historical information and competitive advantages, among other details. ReElement’s goals as a standalone entity are: Ramp up to over 25,000 tons per annum of Lithium from recycled materials and virgin ores; Ramp up to over 2,000 tons per annum of rare earth elements to go into permanent magnets; Continue to deploy our environmentally and socially positive technology both domestically and internationally for rare earth and battery elements purification displacing the toxic method of hydrometallurgical process used today in the industry; Continue to expand internal capabilities both upstream and downstream on the magnet and lithium-ion battery recycling industry; and Continue to expand our upstream and downstream partnerships for both rare earth and critical battery elements. To affect the separation, ReElement will first undertake a series of reorganization transactions including converting from a limited liability company to a corporation, instituting a shared resource arrangement and establishing an independent board of directors and executive officers. American Resources will subsequently distribute a majority of SpinCo’s common stock to American Resources’ stockholders, and following the share distribution, SpinCo, holding the business, will become an independent public company. The planned spin-off of ReElement Technologies is intended to be tax-free for American Resources and American Resources shareholders for U.S. federal income tax purposes. To effect the separation, American Resources plans to distribute up to 90% of ReElement Technologies’ common stock to American Resources’ shareholders. Upon the planned spin-off, American Resources will distribute to its stockholders, as a pro rata dividend, 1/2 share of ReElement common stock, for every share of American Resources common stock outstanding.