Constellation Acquisition Corp I (CSTA) filed a Current Report on Form 8-K on September 23, 2026, to update investors on the progress of a proposed business combination with HiTech Minerals Inc. and US Elemental Inc. (PubCo). The filing discloses that Ian Rodger, Chief Executive Officer of HiTech and incoming CEO of PubCo, participated in the Water Tower Research Insights Conference on September 23, 2026, to discuss the transaction.
According to the filing, the business combination is slated to be completed in the fourth quarter of 2026. The transaction is intended to result in the listing of PubCo on the Nasdaq exchange under the ticker symbol ULIT. The deal is being structured as a merger between CSTA, HiTech, and PubCo.
The filing notes that the parties are currently in the regulatory review and associated financing stages. A transcript of the conference discussion is filed as Exhibit 99.1 to the 8-K.
US Elemental is developing the McDermitt Lithium Project, located on the Oregon-Nevada border. The company describes the project as one of the largest lithium projects in the United States, containing approximately 21.5 million tonnes of contained lithium carbonate equivalent. The project is positioned to utilize conventional mining and hydrometallurgical processing to produce battery-grade lithium chemicals.
The filing includes a cautionary note regarding forward-looking statements, highlighting risks related to the completion of the business combination, the ability to meet Nasdaq listing standards, and the timing of production, which is anticipated to begin in the early 2030s.
