American Carbon Corporation has filed a Form 10 registration statement to prepare for a public listing which is currently under review by the Securities and Exchange Commission
American Resources is distributing 1 share of American Carbon for every 4 shares of American Resources Corporation as of the Record Date
FISHERS, IN / ACCESSWIRE / April 4, 2024 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that its Board of Directors has declared a special dividend of shares of its wholly owned subsidiary, American Carbon Corporation ("American Carbon") ("Special Dividend"). The Special Dividend will be distributed on or about May 29, 2024 to shareholders of record on May 14, 2024 ("Record Date").
Mark Jensen, CEO and Chairman of American Resources Corporation commented, "Positioning our divisions for growth and unlocking value for our shareholders is of the utmost importance. Over the course of the last twelve months, we have been approached by numerous parties that have interest in the entire platform or certain pieces of American Carbon, and are actively continuing that dialogue. To date, we believe the structures offered have not provided the certainty required to move forward, and this process provides certainty for the division to focus on being a global provider of infrastructure related products. Our Board of Directors also believes that spinning the division off into a standalone company provides the most certainty of structure and position for the company and its employment base, while also providing a royalty back to American Resources as consideration. We are excited about the opportunity for the American Carbon team to have the appropriate flexibility to move forward on divestures, acquisitions and organic growth opportunities to execute within its addressable market in the future. Furthermore, with lack of necessary investment into the overall industry, we believe the market will have a supply deficit for the foreseeable future in the steel materials marketplace. We are thankful for the hard work of our team to position all of our companies for success as independent entities."
American Resources Corporation will be distributing one share of American Carbon Corporation for every four shares American Resources owned as of the Record Date.
American Resources Corporation has filed a Form 10 for the registration of American Carbon shares that is currently under review by the Securities and Exchange Commission. The Company has engaged VStock Transfer, LLC ("VStock") as its transfer agent and the special dividend will be handled by VStock. At this time, the Company cannot provide guidance when and if they will achieve the public listing but is actively pursuing a listing with multiple exchanges and the regulatory bodies. The planned Special Dividend shall be subject to compliance with applicable rules and regulations.
About American Resources Corporation
American Resources Corporation (NASDAQ: AREC) is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
About American Carbon Corporation
American Carbon Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of raw materials that feed the infrastructure marketplace with a focus on steelmaking materials. American Carbon has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon are concentrated as well as iron ore and vanadium assets in Jamaica. The Company is focused on running a low-cost model centered on growth that provides significant opportunity to scale its portfolio of assets to meet the growing global infrastructure markets. For more information visit americancarboncorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
[email protected]
RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
[email protected]
Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
[email protected]
SOURCE: American Resources Corporation