History
A Nevada shell became a trading-software firm, failed to merge with a UK car-parts maker, then in 2026 became REalloys, a rare-earth company that raised $150 million in months.
2015-2021: A shell finds a business
The company began as SMSA Ballinger Acquisition Corp, an empty Nevada shell with no operations. On 7 December 2015 it completed a reverse merger (a deal in which a private business takes over a listed shell to gain a stock listing) with Tiger Trade Technologies, a Texas fintech developing real-time market-analytics software. That gave the shell its first operating business, and it later traded as Blackboxstocks.
The record then goes quiet for several years. The next major event came in November 2021, when the exchange certified the securities for listing. On 16 November Blackboxstocks uplisted to the Nasdaq Capital Market under the ticker BLBX and closed a $12 million public stock offering, its first Nasdaq-era capital raise.
2023-2025: The Evtec detour
In late 2023, under Nasdaq compliance pressure, Blackboxstocks extended stalled talks to acquire Evtec, a UK electric-vehicle parts maker. Evtec agreed to pay extension fees and give up preferred shares it had received earlier. On 18 December 2023 the two signed a definitive agreement. Evtec Aluminium, with about $52 million in projected revenue, would take over the company in a reverse merger. The legacy fintech business would be spun into a separate subsidiary, and existing holders would receive a contingent value right (a claim that pays out only if the spun-off business later succeeds) tied to it.
By May 2024 the exchange ratio was set at 301.8 Blackboxstocks shares per Evtec share, which would leave Blackboxstocks holders with 26.8%. Voting was never in doubt: chief executive Gust Kepler's supervoting preferred stock gave him 99.2% of the votes. In July 2024 the ratio was cut to 294.14, lifting existing holders to 29.4%, and the deadline was moved to 31 July 2024.
The company paid for the wait with its own stock. In July 2024 it raised $1.25 million by selling shares to Kepler and Quadrofoglio Holdings, then lent $1.15 million of it to Evtec at 12% interest. The deal still stalled, and on 17 January 2025 the two sides mutually ended the merger after more than a year of delays.
2025-2026: The REalloys merger
Just seven weeks later, on 10 March 2025, Blackboxstocks signed a new reverse merger agreement to acquire REalloys Inc., a rare-earth company anchored by the Hoidas Lake deposit in Saskatchewan. Existing holders would keep roughly 7.3%. The exchange ratio was left blank, and Leonard Sternheim agreed to buy 1,634,999 of Kepler's supervoting preferred shares.
The terms moved through eight amendments. In December 2025 REalloys disclosed a non-binding letter of interest from the US Export-Import Bank for up to $200 million of project financing, and named Stephen duMont to the incoming board. Later amendments set about 46 million new shares for REalloys holders, and changed the planned reverse split (a share consolidation meant to lift the price to at least $4.00) to between 1-for-2 and 1-for-5. In January 2026 REalloys also signed commercial agreements with the Saskatchewan Research Council, giving it priority offtake and first-refusal rights over the council's expanded separation capacity, in return for funding part of that expansion. The meeting date was moved to 23 January 2026.
The merger completed on 25 February 2026. The company was renamed REalloys Inc. and its ticker became ALOY. Existing shareholders received one contingent value right per share tied to the fintech business, now Blackbox.io.
2026: A rare-earth company funds itself
The new business was a defense-focused, vertically integrated heavy rare earth platform. On 9 March 2026 it priced a $50 million public offering at $18.50 per share, its first raise as a rare-earth company. On 22 May it signed a 15-year agreement to take 15% of Phase 1 production from Critical Metals Corp's Tanbreez project in Greenland, securing feedstock for its planned separation and magnet-making operations.
On 25 June 2026 it agreed to raise about $100 million by selling 7 million shares at $14.25 in a private placement, far larger than any Blackboxstocks-era financing. It closed on 26 June 2026. At that date REalloys was a rare-earth company with new capital and a supply agreement in place, and the legacy fintech business had been separated into Blackbox.io.
Written from the 20 story beats below (2015 to 26 June 2026), which come from the company's own announcements and filings.