REEcycle
Definitive (DA signed)Materials · rare earth elements recycling from end-of-life magnets · United States
- What it is
- REEcycle Holdings, Inc
- What it’s doing now
- Merging with Hall Chadwick (HCAC) — definitive (da signed), announced May 31, 2026; expected close 2026.
- What you should know
- The real share count puts the effective valuation 71% above the announced $400M. The deal carries a $40M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryREEcycle Holdings, Inc. is a U.S.-based rare earth element recycling company. Its process applies established hydrometallurgical solvent-extraction chemistry to recover rare earth elements from end-of-life permanent magnets, under two patents (granted 2019 and 2020) exclusively licensed from the University of Houston. The investor presentation states a $5.1 million Defense Production Act Title III award, of which roughly $4.2 million remained payable monthly against qualifying spend. On closing the combined company was to be named REEcycle Inc.
Source: 425, accession 0001829126-26-006012 · extraction confidence: high
What the company says about itself
Web research — not auditedREEcycle is a private American rare earth elements recycling company focused on recovering rare earths from end-of-life magnets to bolster U.S. supply chain resilience. The company utilizes a patented, low-temperature extraction process to recover rare earth oxides from NdFeB magnets sourced from e-waste streams such as EV motors, wind turbines, and hard disk drives.
- Markets:
- Rare Earth Elements Recycling | E-Waste Management | Critical Minerals Supply Chain
- Products:
- Patented REE Extraction Process | Drive Disassembly Machine (DDM)
[WEB-INTEL 2026-08-25] 7 finding(s) · revenue (web claim — NOT STORED) — FILING: no revenue figure on our filed record · WEB: $5.1M awarded by the U.S. Department of Defense — non-dilutive funding, 2025 [https://www.reecycleinc.com/] — filing stands; recorded, not resolved. · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Transaction values REEcycle at a total equity value of US$400 million, of which US$50 million is contingent upon achieving an annualised run rate of 50 metric tonnes per annum of mixed rare earth oxide" [https://www.globenewswire.com/news-release/2026/06/01/3304624/0/en/hall-chadwick-acquisition-corp-announces-definitive-business-combination-with-reecycle-holdings-inc.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "the combined company to be named REEcycle Inc., is expected to be listed on Nasdaq and would currently centre partner in Q4 2025." [https://www.globenewswire.com/news-release/2026/06/01/3304624/0/en/hall-chadwick-acquisition-corp-announces-definitive-business-combination-with-reecycle-holdings-inc.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "REEcycle to go public via $400M SPAC merger to build US rare earth recycling supply chain. ○ Jun 2026." [https://app.dealroom.co/news/feed/reecycle-to-go-public-via-400m-spac-merger-to-build-us-rare-earth-recycling-supply-chain] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Hall Chadwick (NASDAQ:HCAC) has agreed to combine with rare earth refining firm REEcycle Holdings, valuing the company at about $400 million." [https://www.spacinsider.com/news/intel/hall-chadwick-hcac-to-combine-with-reecycle-holdings-in-400m-deal] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Hall Chadwick Acquisition Corp. agreed to merge with REEcycle at a ~$400M equity value, all-stock consideration, with up to $50M contingent ..." [https://www.stocktitan.net/sec-filings/HCAC/425-hall-chadwick-acquisition-corp-business-combination-communication-36aae7bd8d9d.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "On June 1, 2026, HCAC announced that it had entered into a definitive Business Combination Agreement with REEcycle Holdings, Inc., ing REEcycle at ..." [https://hcacq.com/our-vehicles/hcac/]
Source: https://www.reecycleinc.com/ · captured Aug 25, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
REEcycle is merging with Hall Chadwick (HCAC), a $207M SPAC currently marked Deal announced and trading at $10.11 against $10.00 in trust per share.
| Headline equity value | $400M |
| Effective valuation (all shares) | $684M+71% vs headline |
| Sponsor promote | 27% |
| Minimum cash to close | $40M |
Structure per SEC accession(s) 0001829126-26-006011, 0001829126-26-005649. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for REEcycle, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $683.6M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Post-dilution equity (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $140.78 on the open market. Median of 2 listed companies we judged a true comparable, which individually run from 25× to 256.55×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $683.6M, not the announced $400M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- EMAT, IMC, CRML, ABAT, ALOY, KOEI, SKYQ, SEAH have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| EMAT | Evolution Metals & Technologies Corp | $65M | — | — | Direct comp: Rare Earth Minerals; micro-cap ($65m); shares magnets, earth, rare, recycling, defense, company with the target's own description; forward EV/Sales 173.8x.more ▾less ▴ |
| USAR | USA Rare Earth, Inc. | $4.9B | 256.6x | — | Direct comp: Rare Earth Minerals; small-cap ($1.6bn); shares earth, rare, permanent, ndfeb, elements, from with the target's own description; forward EV/Sales 42.1x.more ▾less ▴ |
| IMC | IMC Rare Earths Ltd | — | — | — | Operational comp: Rare Earth Minerals; shares earth, rare, elements, states, based, which with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CRML | Critical Metals Corp | $376M | — | — | Operational comp: Specialty Mining & Metals (NEC); small-cap ($376m); shares earth, rare, elements, established, defense, which with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| MP | MP Materials Corp. | $10.5B | 25.0x | 255.8x | Operational comp: Rare Earth Minerals; mid-cap ($9.0bn); shares earth, rare, from, which, company, the with the target's own description; forward EV/Sales 22.1x.more ▾less ▴ |
| ABAT | American Battery Technology Company | $158M | — | — | Operational comp: Specialty Mining & Metals (NEC); micro-cap ($158m); shares recycling, extraction, process, from, two, based with the target's own description; forward EV/Sales 14.6x.more ▾less ▴ |
| ALOY | REalloys Inc | $35M | — | — | Operational comp: Rare Earth Minerals; micro-cap ($35m); shares earth, rare, recycling, defense, from, inc with the target's own description; forward EV/Sales 304.3x.more ▾less ▴ |
| KOEI | Koei Group Co Ltd | — | — | — | Operational comp: Waste Management, Disposal & Recycling Services; shares recover, recycling, life, end, states, based with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SKYQ | Sky Quarry Inc | $1M | — | — | Operational comp: Waste Management, Disposal & Recycling Services; micro-cap ($1m); shares recycling, extraction, production, process, from, two with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SEAH | Seahawk Recycling Holdings Inc | — | — | — | Operational comp: Waste Management, Disposal & Recycling Services; shares recycling, holdings, two, based, inc, company with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is REEcycle going public?
REEcycle has a signed merger with the SPAC Hall Chadwick (HCAC), announced May 31, 2026. Deal status: Definitive (DA signed).
What is REEcycle's SPAC deal valuation?
The announced headline equity value is $400M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $684M, 71% above the headline.
Was REEcycle bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for REEcycle, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $683.6M regardless.
Does REEcycle have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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