Mkango Resources’ (TSX-V:MKA) subsidiary Mkango Rare Earths has submitted a confidential draft registration statement to the US Securities and Exchange Commission for a proposed Nasdaq listing.
The filing relates to the subsidiary’s previously announced business combination with Crown PropTech Acquisitions (OTC:CPTKW), which values Mkango’s shareholding in the subsidiary at US$400 million ($564.8 million).
Mkango Rare Earths plans to create a vertically integrated rare earths platform through the merger, with its shares and warrants to trade on the Nasdaq under the ticker symbols MKAR and MKARW, respectively.
The company has secured an additional US$250,000 in funding from Crown PropTech’s sponsor upon submission, bringing total sponsor investment to US$750,000 through convertible promissory notes.
Mkango President Alexander Lemon says this filing marks a step towards finalising the Nasdaq listing for Mkango Rare Earths, which will further strengthen the Mkango group as a key player in the global rare earth supply chain.
The business combination deadline has been extended from 11 March 2026 to 30 September 2026, with potential automatic extension to 31 December 2026 if SEC approval is not received by 14 August 2026.
Under current assumptions, Mkango will hold approximately 37.6 million MKAR shares post-merger, representing a majority interest. Crown PropTech’s initial shareholders will hold approximately 7.1 million shares.
The transaction is expected to close in the Q2 2026, subject to Nasdaq listing approval, shareholder approvals, and other closing conditions. Net proceeds will support development of MKAR’s Songwe Hill Rare Earths Project in Malawi and the Pulawy separation plant in Poland.
Both the Songwe Hill and Pulawy projects have been designated as ‘strategic projects’ under the European Union Critical Raw Materials Act.
This content was created with AI assistance and human editing.
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Images: Mkango Resources
