US Lithium Developer to List on Nasdaq in $573 Million SPAC Deal

A US lithium developer is preparing to go public on the Nasdaq through a blank-check company in a deal that values the firm at roughly $573 million.

US Elemental Inc., a newly formed company backed by Australia’s Jindalee Lithium Ltd., said Thursday it plans to list via a merger with Constellation Acquisition Corp I in the second half of this year. The company is seeking to raise capital for a lithium project in Oregon.

The planned transaction follows an increase in lithium prices, as the industry navigates mine disruptions and Zimbabwe’s export ban of the battery metal. The price ...