$ULIT · US Elemental Inc.
Amendment No. 4 to the S-4 registration statement for the Business Combination between Constellation Acquisition Corp I (OTC: CSTAF) and HiTech Minerals Inc., which owns the McDermitt Lithium Project. The deal values HiTech at a $500 million equity value. HiTech is a wholly owned subsidiary of ASX-listed Jindalee Lithium Limited (JLL). Post-closing, US Elemental Inc. will apply to list on Nasdaq under tickers ULIT (common) and ULITW (warrants).
- Aggregate equity value of the Business Combination is $500 million, with HiTech Minerals becoming a wholly owned subsidiary of US Elemental.
- HiTech owns the McDermitt Lithium Project on the Oregon-Nevada border and is a wholly owned subsidiary of ASX-listed Jindalee Lithium (JLL).
- Minimum cash condition of $14 million required for closing, including PIPE financing proceeds and trust account amounts net of redemptions.
- Antarctica Capital affiliate committed $4.0 million in financing: $1.55M funded at signing via HiTech Series A Preferred Stock, $2.5M at-clo
- No binding PIPE financing agreements have been executed as of the filing date; there are no assurances any will be executed before closing.
Price data unavailable.
A US lithium project on the Oregon-Nevada border is being brought to Nasdaq via SPAC, but the deal carries execution risk with no binding PIPE commitments yet secured.
The McDermitt Lithium Project sits in a strategically important US lithium district on the Oregon-Nevada border, aligning with growing domestic critical-minerals supply-chain priorities. Jindalee Lithium (ASX: JLL) is effectively spinning the asset into a Nasdaq-listed vehicle via this SPAC merger.
No binding PIPE financing agreements executed as of filing date; failure to secure PIPE commitments could jeopardize the $14M minimum cash condition. Sponsor and insiders receive substantial consideration (up to 5.7M shares and 5.5M warrants) for an initial $25,000 investment, creating significant稀释
Get filings like this before the market reacts.
Real-time SEC filing alerts, AI summaries, and a free daily digest — plus portfolio tracking that ties filings to your positions.