Mobix Labs (Nasdaq: MOBX) Acquisition Target SPD to Acquire Winner Water, U.S. Rare Earth Company Backed by $53 Million in Federal Awards

Winner’s planned addition to the NSM platform remains subject to required approvals and is expected to close alongside the SPD–Mobix combination.

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NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Special Project Delivery, Inc. (“SPD”) today announced it has entered into a definitive Business Combination Agreement, dated September 30, 2026, with Winner Water Services Inc. (“Winner”), a revenue-generating U.S. rare earth company, under which Winner will join the National Security Matters (NSM) platform SPD is assembling with Mobix Labs, Inc. (Nasdaq: MOBX).

Winner, based in Sharon, Pennsylvania, recovers rare earth elements, scandium, and alumina from coal ash impoundments — a domestic stockpile that has already been mined.

Over ten years, Winner and its research partners have received funding from the Department of Energy and the Department of Defense through six consecutive awards totaling $53 million. In August 2026, Winner broke ground on its rare earth extraction demonstration plant at the National Carbon Capture Center in Wilsonville, Alabama.

SPD is itself party to a definitive agreement with Mobix Labs, announced August 13, 2026, to combine the two companies as part of Mobix Labs’ NSM initiative. The Winner transaction is expected to close in connection with SPD’s combination with Mobix Labs, subject to required approvals and other customary conditions.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transactions, their timing and completion, federal funding and plant construction. These statements are subject to risks and uncertainties, including the failure to obtain required approvals, the failure to complete SPD’s combination with Mobix Labs or to satisfy other closing conditions, the availability and timing of federal funding and the risks described in Mobix Labs’ filings with the Securities and Exchange Commission. Actual results may differ materially. Neither SPD nor Winner undertakes any obligation to update these statements except as required by law.

No Offer or Solicitation

This communication is not an offer to sell or the solicitation of an offer to buy any securities, nor a substitute for any proxy statement or other document Mobix Labs may file with the Securities and Exchange Commission in connection with the proposed transactions. Investors are urged to read those documents when available. Mobix Labs and its directors and executive officers may be deemed participants in the solicitation of proxies in respect of the proposed transactions.

About Special Project Delivery, Inc.

Special Project Delivery, Inc. is a strategic infrastructure platform building United States supply chains for rare earth elements, critical minerals, water and energy. The company is headquartered in Newport Beach, California.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261005850971/en/

Media Contact: Special Project Delivery, 17 Corporate Plaza, Suite 200, Newport Beach, CA 92660 · specialprojectdelivery.com

Source: Special Project Delivery, Inc.

Key Terms

business combination agreement financial

A business combination agreement is a detailed contract that lays out the terms for two companies to join together—covering price, how ownership will be split, the steps needed to close the deal, and what each side promises to do or avoid before closing. For investors it matters because the agreement determines potential changes in value, control, timing, and risk exposure—think of it like the playbook for a merger that shows who wins, who pays, and what could still derail the plan.

coal ash impoundments technical

Coal ash impoundments are engineered ponds or land depressions used to store coal combustion residuals (fly ash, bottom ash, boiler slag and other waste left after coal is burned) mixed with water or slurry. They are typically formed by earthen or concrete dams that hold the wet waste on-site until it is dewatered, removed, or capped; because the stored material can contain heavy metals and other contaminants, these impoundments are subject to environmental and safety regulations, monitoring, and, in many cases, requirements for closure, dredging, lining, or remediation.

alumina technical

Alumina is a white, powdery chemical (aluminum oxide) produced from bauxite ore and used as the primary raw material to make aluminum metal and a range of industrial products like ceramics and abrasives. For investors, alumina is a key feedstock whose supply, processing cost and quality influence aluminum production, profit margins and pricing across industries—think of it as the flour that determines how much bread a bakery can bake and at what cost.