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The whole lifecycle, verified against the filings.
Rumor → LOI → definitive → approved
Summed over 5 of 6 filed.
No dated vote for these deals is on file with us yet — our record, not the companies' calendars.
More equity than the headline, over 4 of 6 measured.
A definitive agreement is signed and the vote is still ahead, so the redemption right survives to it.
The list is grouped by lifecycle stage and the sort orders rows inside a stage: a vote that has already passed and one still ahead are not the same list. An announced deal is not a closed deal — 1 of the combinations in our record were terminated. A premium to trust is a selling point, not a buying point — and once a vote has passed there is no redemption right left to price against. Every stage, target and figure here is read from the SEC filing that stated it; where a figure is missing it is missing from our record, and the page says so rather than estimating one.
4 of 6 deals in this view carry a dated vote or a stated close period. Where the Vote column is empty, the filings we hold state neither — that is a gap in our record, not a claim that the parties have no timetable.
Sorted inside each stage.
| KCACKensington Capital Acquisition Corp. VI | Nth Cycle, Inc. | Metals/Mining | $507M | Jul 21, 2026 | — | Definitive (DA signed) | — | BCA signed 2026-07-21 (Signing Date) by Kensington Capital VI, Homeland Merger Sub Inc & II LLC, and Nth Cycle, Inc.; post-close NYSE ticker NTH; expected close Q4 2026. Confidential draft Form S-4 submitted. Verified vs 8-K Item 1.01.more ▾less ▴ |
| HCACHall Chadwick | REEcycle | Metals/Mining | $400M | May 31, 2026 | 2026 | $10.10 | -1.0% | Definitive (DA signed) | 6565 | REEcycle Holdings, Inc. is a Houston-based rare earth element (REE) recycling company founded in 2012 by Cassandra Leeman, Casey McNeil, and Susan Bohuslav, with its core intellectual property rooted in research conducted at the University of Houston. The company specializes in recovering rare earth elements — neodymium, praseodymium, dysprosium, and terbium — from end-of-life NdFeB permanent magnets found in discarded hard disk drives, decommissioned defense equipment, EV motors, wind turbine generators, and industrial machinery. Its patented hydrometallurgical process selectively dissolves, separates, and recovers REEs from complex magnet alloys at low temperatures and atmospheric pressure, achieving up to 99.8% separation and recovery efficiency while producing minimal waste. The resulting mixed rare earth oxide is sold to OEMs for separation and metallization, re-entering domestic production for new NdFeB magnets used in clean energy and defense applications. REEcycle also developed a proprietary Drive Disassembly Machine capable of processing over 25,000 hard disk drives per month without shredding, enabling it to source feedstock from established U.S. e-waste streams and provide feedstock partners with new revenue from materials previously sold as scrap. The company operates in the critical minerals and environmental services sector, addressing what it describes as a national security vulnerability: China controls approximately 85 to 95 percent of global rare earth magnet processing, and the United States has no meaningful domestic rare earth separation and refining capacity at commercial scale outside of Chinese-controlled entities. REEcycle positions itself as the only U.S. recycler profitably extracting REEs from NdFeB magnets, with zero domestic competitors in its specific niche. Its customer base includes U.S. defense primes, EV manufacturers, and technology companies seeking to de-risk Chinese mineral exposure and qualify as domestic source suppliers under the Defense Production Act and Buy American provisions. The global REE market is projected to grow from roughly $19 billion in 2025 to $36.7 billion by 2034, with demand for rare earth magnets growing over 30 percent annually, driven by EV adoption, wind energy buildout, and defense modernization. REEcycle has been backed by a combination of government grants and private investment, including funding from the U.S. National Science Foundation, accelerator programs, and Foxglove Capital. It was acquired by Australian private company REEgenerate Pty Ltd in April 2022, which exercised an option to take 100 percent ownership. The company has received $5.1 million in non-dilutive funding from the U.S. Department of War (formerly Department of Defense), with $4.3 million remaining and disbursed monthly against spend, and is positioned to access further federal support through the Inflation Reduction Act and Defense Production Act. REEcycle is commissioning a demonstration plant in Oklahoma designed for 6 to 8 tonnes of rare earth oxides annually, with an engineering study underway for a 100-tonne-per-year commercial facility targeted for 2027. The company has approximately 7 employees and has been generating revenue. The combined public company is expected to be led by Mick McMullen as executive chairman, who previously led mining companies including MAC Copper and Detour Gold, with Casey McNeil and Fermin Olivan serving as CEOs. REEcycle is going public via a $400 million all-stock SPAC merger with Hall Chadwick Acquisition Corp (Nasdaq: HCAC), a blank-check company formed by Australian advisory firm Hall Chadwick that raised approximately $207 million in its November 2025 IPO and targeted the technology, critical materials, and energy sectors. The transaction, announced on June 1, 2026, values REEcycle at $400 million in total equity consideration, including up to $50 million contingent on achieving an annualized run rate of 50 metric tonnes per annum of mixed rare |
| SZZLSizzle Acquisition Corp. II | Trasteel Holding S.A. | Metals/Mining | $800M | Apr 13, 2026 | 2026 | $10.46 | +0.2% | Definitive (DA signed) | 7373 |
| CSTAFConstellation INo date ahead | US Elemental | Metals/Mining | $500M | Apr 9, 2026 | H2 2026 | $13.05 | +5.3% | Definitive (DA signed) | 53Too small53Too small | US Elemental Inc. is a newly formed U.S. lithium development company created through a business combination between HiTech Minerals Inc., a wholly owned subsidiary of Australia-listed Jindalee Lithium Limited (ASX: JLL), and Constellation Acquisition Corp. I (CSTA), a special purpose acquisition company sponsored by affiliates of Antarctica Capital, a global investment manager with over $10 billion in assets under management. Announced on April 9, 2026, the transaction implies a pro forma enterprise value of approximately $571 million and an implied equity value of $500 million, with the combined company expected to list on Nasdaq under the ticker "ULIT" during the second half of 2026. Upon closing, US Elemental will hold Jindalee's U.S. lithium assets, principally the McDermitt Lithium Project straddling the Oregon-Nevada border within the McDermitt Caldera, the same geological formation that hosts Lithium Americas' Thacker Pass project, as well as the earlier-stage Clayton North Project in Nevada. Jindalee will roll over 100% of its equity interest and retain approximately 80% or more of the combined entity, with consideration payable primarily in US Elemental shares. The McDermitt Project anchors the company's pitch: a sedimentary lithium deposit with a mineral resource of approximately 21.5 million tonnes of lithium carbonate equivalent (11.1 Mt indicated and 10.4 Mt inferred), a maiden Probable Ore Reserve of 2.34 Mt LCE, and an estimated project life of roughly 63 years, positioning it among the largest known lithium deposits in the United States. A pre-feasibility study completed in late 2024 projects a post-tax NPV of $3.2 billion at an 8% discount rate, a 17.9% post-tax IRR, planned production of approximately 47,500 tonnes per year of lithium carbonate during the first decade, and EBITDA margins exceeding 60%. The project also carries potential magnesium by-product upside and has secured a research and development partnership with the U.S. Department of Energy. McDermitt was selected as one of the first ten projects added to the federal government's FAST-41 permitting initiative, which streamlines coordination across federal agencies, and its Environmental Project Outline was approved in December 2025. Incoming CEO Ian Rodger, currently CEO of Jindalee, has said the company plans to launch a major in-fill drilling campaign and full feasibility study in the second half of 2026, targeting feasibility study completion by end of 2027 and key federal permits by end of 2028. US Elemental is a pre-revenue, development-stage mining company with no current sales or operating cash flow; its valuation rests entirely on forward-looking project economics rather than historical financials. The transaction contemplates a capital raise of approximately $20 to $30 million, including a $2.5 million commitment from an Antarctica Capital affiliate to purchase newly issued equity or equity-linked securities of PubCo on substantially the same terms as the PIPE Financing Agreements, conditioned on the Minimum Cash Condition being satisfied, alongside a separate $1.55 million already funded at signing through a Series A Cumulative Convertible Preferred purchase (which the 10-Q does not characterise as PIPE financing), with the preferred carrying dividend rates of 10% cash and 12% PIK (15% on default), conversion at $1,000 per share, and five-year warrants exercisable at $11.50. The deal carries a $14 million minimum cash condition at closing, expected to be met through a combination of any remaining SPAC trust cash and additional PIPE or equity-linked financing. Constellation's trust account held only approximately $860,000 as of January 2026, meaning the company will need to attract substantial third-party capital to satisfy the minimum cash requirement, and the deal materials assume 100% redemptions in their illustrative calculations. The SPAC route was chosen over a traditional IPO because it offers a faster path to U.S. public markets and allows the company to present forward-looking project projections, including NPV, IRR, and EBITDA margin estimates, as part of the investor case, which is particularly valuable for a capital-intensive mining developer that has not |
| FERAFifth Era Acquisition Corp I | SMT Holdings Limited ("Miotal") | Metals/Mining | $10.0B | Apr 7, 2026 | H1 2026 (lapsed) | $10.52 | 0.0% | Definitive (DA signed) | 7171 |