AI Transportation Acquisition Terminates Business Combination Agreement with American Metals LLC

AI Transportation Acquisition Corp (NASDAQ: AITRU) announced the termination of its Business Combination Agreement with American Metals LLC. This decision, effective November 27, 2024, was disclosed following a notice of termination delivered by AITR.

The Business Combination Agreement, originally entered into on June 28, 2024, involved AI Transportation Acquisition Corp, Electrified Materials Corporation, AITR Merger Sub 1 Corp, AITR Merger Sub 2 Corp, and American Metals LLC. AITR cited reasons for the termination, including the slow performance of the Company post letter of intent and uncertainties regarding completion costs and time for the Business Combination.

Consequently, with the termination of the Business Combination Agreement, associated agreements such as Lock-Up Agreements and the Amended and Restated Registration Rights Agreement were automatically terminated as per their terms.

AI Transportation Acquisition Corp clarified that the Termination Notice does not waive or prejudice any of its rights under the prior agreement. The company retains the full rights to pursue all possible remedies available under the Business Combination Agreement and applicable laws.

The disclosure further highlighted that a press release was issued on November 29, 2024, to announce the termination of the Business Combination Agreement. Additional details and updates can be found in the Form 8-K filing with the Securities and Exchange Commission.

Investors and stakeholders are advised that the information furnished under Regulation FD Disclosure is not filed for the purposes of the Securities Exchange Act of 1934 but rather intended for informational purposes only. Furthermore, the filing includes financial statements and relevant exhibits concerning the termination.

AI Transportation Acquisition Corp, led by Chief Executive Officer Mr. Yongjin Chen, remains committed to exploring alternative strategies to facilitate an initial business combination. The Company, structured as a blank check entity, aims to engage in mergers, acquisitions, or similar transactions within the transportation sector.

This press release serves as an informational update and does not constitute solicitation or offer for any securities transactions or proxy solicitations. Any further updates or material changes will be communicated through appropriate channels adhering to regulatory requirements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AI Transportation Acquisition’s 8K filing here.

AI Transportation Acquisition Company Profile

AI Transportation Acquisition Corp does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. It intends to focus on businesses in the transportation field, including logistics, new energy vehicles, smart parking, on-board chips and AI algorithms, automotive services, and related areas of intelligent transportation.