Team Veye November 05, 2026

Jindalee has cleared major SEC hurdle for US Lithium Project's Nasdaq Listing

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Jindalee Lithium Limited (ASX: JLL) announced on 5 November 2026 that the US Securities and Exchange Commission had declared its Form S-4 registration statement effective for the proposed business combination between its US subsidiary HiTech Minerals and Constellation Acquisition Corp I.

It is an important regulatory milestone towards the proposed Nasdaq listing of US Elemental which will hold Jindalee's US lithium assets.

HiTech Minerals has complete stake in the McDermitt Lithium Project in southeast Oregon which is among the largest lithium resources in the United States.

Constellation can now call an Extraordinary General Meeting following the SEC's approval where shareholders will vote on the proposed transaction while the SPAC's sponsors have agreed to support the deal under their agreement.

US Elemental is expected to list on Nasdaq once the transaction is complete under the ticker symbol ULIT and Jindalee expects to retain a majority stake of at least 80% subject to customary adjustments.

The proposed transaction also includes a private investment in public equity financing of approximately US$20 million to US$30 million which will help meet the company's funding requirements.

An affiliate of Constellation's sponsor has already committed US$4 million to the deal, of which US$1.5 million was funded upon signing and another US$2.5 million is committed at completion subject to certain conditions.

US Elemental has also received non-binding financing proposals from several US investment funds and current indications suggest that the overall funding target could be met after further negotiations and the signing of definitive agreements.

The transaction is still subject to Constellation shareholder approval and Nasdaq listing approval as well as applicable regulatory clearances and a minimum cash condition of US$14 million net of certain transaction expenses.

The proposed Nasdaq listing has an aim to create a dedicated platform for the McDermitt Project whose 2024 Pre-Feasibility Study confirmed its substantial scale and long mine life along with its potential for low-cost production while the project has also attracted interest from US government agencies including the Department of Energy.

Jindalee's shareholders had already approved the proposed business combination in June 2026 and the parties aim to complete the transaction and Nasdaq listing during the fourth quarter of 2026.

(Source: Company Announcements)

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