MP Materials (MP) Shares Down 3% Following 4M Share Stock Offering by Firm Controlled by Chairman & CEO James Litinsky
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Shares of MP Materials Corp. (NYSE: MP), the largest rare earth materials producer in the Western Hemisphere, which owns and operates Mountain Pass, were trading around 3% lower after-hours Monday following the company’s announcement concerning the commencement of a proposed registered secondary public offering of 4,000,000 shares of common stock by an existing stockholder, with an additional 30-day option for the underwriter to purchase up to an additional 600,000 shares.
JHL Capital Group, a large shareholder, is selling most of the stock in the offering. James Litinsky is the Founder, Chief Executive Officer and Chief Investment Officer of JHL Capital Group. He is also the Chairman of the Board and CEO of MP Materials.
Morgan Stanley is acting as lead book-running manager for the proposed offering.
MP Materials Corp. became public in November last year via business combination with Fortress Value Acquisition Corp. (NYSE: FVAC), a special purpose acquisition company (SPAC) sponsored by an affiliate of Fortress Investment Group LLC.
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