HCACR Hall Chadwick Acquisition Corp
Price Chart
Executive Summary
Hall Chadwick Acquisition Corp (HCAC) announced a definitive business combination with REEcycle Holdings, a rare earth recycling company, valuing REEcycle at $400 million. The combined company will be the first publicly listed U.S. pure-play rare earth recycler, with HCAC contributing ~$207 million in trust. The deal requires shareholder approval and SEC clearance.
Actionable Insight
Monitor the upcoming S-4 filing for detailed financials and redemption projections. The rights (HCACR) are expected to convert into shares upon closing, providing a catalyst. Key risk is shareholder approval and redemption levels; watch for any termination events.
Key Facts
- REEcycle valued at $400 million total equity, with $50 million contingent on production milestone
- HCAC holds approximately $207 million in trust to fund the combined company
- Consideration paid entirely in shares of the combined company
- HCAC will domesticate from Cayman Islands to Delaware prior to closing
- Up to 6,125,000 additional HCAC shares and 2,625,000 REEcycle shares reserved for issuance
- Shares held by sponsor and legacy shareholders locked up for six months post-closing
- REEcycle has received $5.1 million in non-dilutive government funding from the Department of War
- Executive Chairman Mick McMullen to lead combined company; track record includes MAC Copper and Detour Gold
- Demonstration plant in Oklahoma targets 6-8 tonnes/year; commercial-scale facility planned for 2027
Financial Impact
Transaction values REEcycle at US$400 million; HCAC trust provides US$207 million cash; potential dilution from up to 10,000,000 additional shares and 1,250,000 deferred shares
Risk Factors
- Shareholder approval and SEC effectiveness required; risk of deal not closing
- Significant redemptions from HCAC's trust could reduce available cash
- Dilution from additional share issuances and earnout shares
- REEcycle is pre-commercial; execution risk on scaling production
- Competition from Chinese rare earth processing and alternative technologies
Market Snapshot
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (HCACR) — Batch item 1 | 0001829126-26-005896 |
| Document: hallchadwickacq_8k.htm | 0001829126-26-005897 |
| Document: 0001829126-26-005896-index-headers.html | 0001829126-26-005896 |
| Document: 0001829126-26-005896-index.html | 0001829126-26-005896 |
| Document: 0001829126-26-005896.txt | 0001829126-26-005896 |
| 425 Filing (HCACR) — Batch item 6 | 0001829126-26-005897 |
| Document: hallchadwickacq_425.htm | 0001829126-26-005896 |
| Document: 0001829126-26-005897-index-headers.html | 0001829126-26-005896 |
| Document: 0001829126-26-005897-index.html | 0001829126-26-005896 |
| Document: 0001829126-26-005897.txt | 0001829126-26-005896 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
13d ago
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425
| $0.3399 $0.2900 | ▼ −14.68% | ▼ −12.13% | — |
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Jun 1, 2026
15d ago
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8-K / 425
| $0.3400 $0.3100 | ▼ −8.82% | ▼ −6.28% | — |
US Market Status
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