American Acquisition Opportunity in an 8-K filing said it and merger partner Royalty Management have agreed to extend the runway for completing their deal until Sept. 22.
The SPAC last June announced the deal with Royalty, which “focuses on current revenue streams through undervalued resources that fit the modern infrastructure market while making investments in assets that fit tomorrow’s electrification, mineral resources and infrastructure needs.”
The business combination values Royalty at an implied $111 million pro forma enterprise value, at a price of $10 per share, assuming no redemptions by the SPAC’s shareholders.
The transaction would result in gross proceeds of $16 million, less any redemptions and expenses. Read more.
