American Resources Corporation, a next generation and socially responsible supplier of raw materials to the new infrastructure marketplace, announced that its first SPAC, American Acquisition Opportunity filed with the SEC to raise $100 million through an offer of 10 million units at $10 each.
The new SPAC intends to search for a target in the land holdings and resources industry. The SPAC is specifically focused on a platform-building acquisition in the land holdings and resources industry that generates current revenues from its legacy industries, predominately focused on natural resources.
The SPAC is led by CEO and chairman Mark Jensen, who in 2015 founded Quest Energy, which through a reverse-merger up-listed on Nasdaq as American Resources Corporation.
Shares of American Resources Corporation were up almost 38 percent on the news in late morning trading today.
The SPAC plans to list on the Nasdaq but has not yet selected a ticker symbol. Read more.
