HCAC signs $2.1M related-party PIPE at $10.00/share for REEcycle deal; S-4 filed for $400M all-stock merger

Hall Chadwick Acquisition Corp

Related-party PIPE: entities tied to REEcycle director Michael McMullen and HCAC advisors Richard Albarran and Drew Townsend bought 210,000 shares at $10.00 for $2.1M on Sept 30, 2026.
Subscriptions are conditional only on closing the Business Combination with REEcycle; the issuance will dilute non-redeeming shareholders. Cohen & Company Capital Markets is placement agent.
REEcycle deal: $400M all-stock consideration — $350M payable at closing plus $50M on a milestone of 50 tpa MREO over 22 days; $40M minimum cash condition.
PIPE of ~$50M funds a 160 tpa REE recycling plant in Duncan, Oklahoma: $33M capex, $7M working capital/DDM/feedstock, $10M transaction costs.
HCAC and REEcycle filed the Form S-4 registration statement on Oct 1, 2026, with a press release and October investor presentation. REEcycle nominates 5 of 7 combined-company directors.

This headline and bullets were generated automatically by deepseek-v4.1-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.