Announcement • Jan 06
Evolution Metals Corporation completed the acquisition of Welsbach Technology Metals Acquisition Corp. (NasdaqGM:WTMA) from Welsbach Acquisition Holdings LLC, Polar Asset Management Partners Inc., RiverNorth Capital Management, LLC and others in a reverse merger transaction.
Evolution Metals Corporation signed a non-binding letter of intent to acquire Welsbach Technology Metals Acquisition Corp. (NasdaqGM:WTMA) from Welsbach Acquisition Holdings LLC, Polar Asset Management Partners Inc., RiverNorth Capital Management, LLC and others for $7.1 billion in a reverse merger transaction on January 24, 2024. As of March 28, 2024, Welsbach Technology Metals Acquisition Corp. signed a business combination agreement to acquire Evolution Metals Corporation. The Transaction is intended to result in WTMAC’s successor listed company owning 100% of the Target. The Transaction structure is yet to be determined based on the due diligence findings as well as business, legal, tax, accounting and other considerations. WTMAC and Target, if approval to proceed by the Board of WTMAC and Target is obtained, would announce any additional details regarding the Transaction if a definitive agreement for the business combination were to be executed. The parties are currently considering the specific terms of any business combination. The SPAC's subsidiary would merge into Evolution Metals LLC, with it surviving as the wholly-owned subsidiary of the SPAC - which expects to change its name to Evolution Metals & Technologies Corp. (EM&T) and plans to list on Nasdaq under the symbol "EMAT." The headquarters of Evolution Metals will be in the Fair Building at 5257 Shaw Ave., said Al Watkins, a St. Louis attorney who is expected to become chief legal officer of EM&T. As of May 14, 2025 Welsbach Technology Metals Acquisition and Evolution Metals announced that the U.S. Securities and Exchange Commission (“SEC”) has declared effective their registration statement on Form S-4, paving the way for the consummation of this previously- announced business combination. As of May 19, 2025 the new date of the Special Meeting is June 26, 2025. As of June 6, 2025, it is announced that special meeting of stockholders of Welsbach Technology Metals Acquisitions Corp will be held on June 26, 2025. As of June 26, 2025, the transaction has been approved by the shareholders of Welsbach Technology Metals Acquisition. Evolution Metals Corporation cancelled the acquisition of Welsbach Technology Metals Acquisition Corp. from Welsbach Acquisition Holdings LLC, Polar Asset Management Partners Inc., RiverNorth Capital Management, LLC and others in a reverse merger transaction on July 3, 2025. As of September 5, 2025 stockholders of Welsbach Technology Metals Acquisition approved the transaction.
Any transaction will be subject to, among other things, tax review, as well as other auditing, corporate, regulatory and stock exchange requirements. As of July 5, 2024 The stockholders approved the proposal to amend to extend the date by which it has to consummate a business combination with a target for up to an additional twelve months, from June 30, 2024 to up to June 30, 2025, for no contribution to the trust account. Continental Stock Transfer & Trust Company acted as transfer agent to Welsbach Technology Metals Acquisition Corp. Advantage Proxy, Inc. acted as an information agent to Welsbach Technology Metals Acquisition Corp. and paid $12,500 advisor fee.
Evolution Metals Corporation completed the acquisition of Welsbach Technology Metals Acquisition Corp. (NasdaqGM:WTMA) from Welsbach Acquisition Holdings LLC, Polar Asset Management Partners Inc., RiverNorth Capital Management, LLC and others in a reverse merger transaction on January 5, 2026.
