American Resources Says Blank-Check-Company Affiliate Files to Raise $100 Million; Shares Soar Pre-Bell

09:42 AM EST, 02/05/2021 (MT Newswires) -- American Resources (AREC), a supplier of raw materials, said Friday that American Acquisition Opportunity, a special purpose acquisition company in which it has an indirect investment, filed a registration statement for an initial public offering to raise $100 million.

The proposed public offering may increase to $115 million if the underwriters' over-allotment option is exercised in full, American Resources said in a statement.

American Resources' SPAC is targeting acquisitions in the land holding and resource industry, and will focus on advancing land and resource assets towards a modern-day business model of clean energy, recycling and redevelopment, the company said.

Shares of American Resources surged as much as 40% in pre-bell trade.

Price: 6.77, Change: +2.09, Percent Change: +44.66