secwatch.observer — SEC 8-K summary
======================================

Issuer:     Aqua Metals, Inc. (AQMS)
CIK:        0001621832
Form:       8-K
Filed at:   2026-02-11T23:59:59+00:00
Accession:  0001437749-26-003828
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1621832/000143774926003828/0001437749-26-003828-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1621832/000143774926003828/aqms20260209_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-003828

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer