- “Danny, I don’t do small deals, and what I do must matter.”
Sometime in December 2024, at our meeting to discuss taking $EMAT public, David told me,
- “This is worth at least $6 billion!” (David)
- “WTF, bro, are you sure?” I retorted, hesitating at first 🫣
- “Think about it”, David continued,
- “America doesn’t need yet another rare earth exploration project. What it needs is processing capacity under its territorial control. You should understand that coz you’re a supply chain dude!”
We had put together a vehicle to find a great target in the critical metals supply chain, but $6 billion?😱.
But then I realized he was right; the true bottleneck is in processing, not upstream supply. We did the math and it stacked up!
(Flashback to 30 December 2021)
Welsbach Technology Metals Acquisition Corp. launched a $75 million IPO on Nasdaq. WTMA started out of a small office in Singapore during the pandemic, where we spent Christmas nights connecting with NYC service providers.
After two failed merger attempts, we faced a stark choice: liquidate or double down. We decided to double down and search for yet another target. 😓
Then we met Evolution Metals and Technology, which David and his team had quietly built over the years. They offered vertically integrated critical materials (rare-earth magnets, battery materials, recycling, and processing) on US soil, based on Korean tech, brought by Frank and his crew. This was about rare earth oxide and metal production, not just exploration. The perfect fit for a SPAC named “Welsbach.”
(Forward to January 2026)
The deSPAC merger between WTMA and EMAT is Q1 2026’s largest, $6.5 billion in enterprise value! This is not a recommendation to buy the stock. DYOR please.
Two days ago, EMAT secured $100 million from Yorkville Advisors to scale rare earth magnet production.
Great momentum and a testament to David’s vision and the operational credibility his team brings to the table every single day.
Warning: ⚠ None of this was smooth!
DeSPAC mergers can be messy: arguments, premature celebrations, extensions, deal deaths, resurrections, and more conflict.
If you want to sail smoothly, don’t come into this playground, trust me. It is for seasoned dealmakers who can think laterally and who have thick skins, because you are dealing against the rest of the world.
Our progress was driven by the exceptional people and unwavering support from all our partners.
It started in a Singapore office with a whiteboard and a world clock, moved through investor roadshows in Belgium, gatherings in Korea, late phone calls, and subway rides between meetings on Wall Street.
Every picture here is a chapter, and the story continues…