Aqua Metals to Acquire Lion Energy for up to $100M

Aqua Metals has entered into a binding term sheet for a potential acquisition of Lion Energy, LLC, under which Aqua Metals would acquire all issued and outstanding equity interests of Lion Energy. The term sheet is dated February 10, 2026 and amends and restates an earlier February 6, 2026 term sheet between the parties.

The aggregate consideration payable by Aqua Metals is capped at $100,000,000 and would be structured as a combination of cash consideration, equity consideration, and earn-out consideration. The parties aim to negotiate and execute a definitive acquisition agreement by March 31, 2026, and consummation remains subject to execution of that agreement.