---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-003828"
form_type: "8-K"
ticker: "AQMS"
cik: "0001621832"
company_name: "Aqua Metals, Inc."
filed_at: "2026-02-11T23:59:59+00:00"
generated_at: "2026-05-16T03:18:50.476218+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Aqua Metals signs term sheet to acquire Lion Energy for up to $94.9M

## Summary
- Lion Energy generated ~$50M revenue in 2025; acquisition adds immediate scale to Aqua Metals.
- Total consideration up to $94.9M: $4.1M cash/other, $25.8M stock, up to $65M earn-out on revenue/EBITDA.
- Post-close board: 3 existing Aqua independent directors, CEO Steve Cotton, and Lion Energy majority owner.
- Transaction expected to close in Q2 2026, subject to due diligence, shareholder approval, and $25M credit facility.
- Aqua also acquires Lion's minority stake in American Battery Factory, linking manufacturing and recycling.

## SEC filing metadata
- accession: 0001437749-26-003828
- form_type: 8-K
- ticker: AQMS
- cik: 0001621832
- company_name: Aqua Metals, Inc.
- filed_at: 2026-02-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1621832/000143774926003828/0001437749-26-003828-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1621832/000143774926003828/aqms20260209_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-003828
- JSON: https://secwatch.observer/filing/0001437749-26-003828.json
- Plain text: https://secwatch.observer/filing/0001437749-26-003828.txt

## Key facts
- Material Agreements
  Aqua Metals, Inc. entered into Term Sheet with Lion Energy, LLC and certain members of Lion Energy valued at not exceed $94.9 million (effective 2026-02-06).
  - Action: entry
  - Agreement: merger
  - Counterparty: Lion Energy, LLC and certain members of Lion Energy
  - Value: not exceed $94.9 million
  - Effective: 2026-02-06
  source text: On February 6, 2026, Aqua Metals, Inc., a Delaware corporation (the “Company” or “Aqua Metals”), entered into a term sheet (the “Term Sheet”) with Lion Energy, LLC, a Utah limited liability company (“Lion Energy”), and certain members of Lion Energy (the “Members”), as amended and restated on February 10, 2026, setting forth certain terms and conditions pursuant to which the Company intends to acquire all of the issued and outstanding equity interests of Lion Energy
  evidence_url: https://www.sec.gov/Archives/edgar/data/1621832/000143774926003828/0001437749-26-003828-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.