MP - What's Going On With MP Materials Stock Today? | Benzinga
MP Materials Corp (NYSE:MP) shares are moving Monday after the company announced a proposed offering and increased its share repurchase authorization.
What Happened: MP Materials announced that it plans to offer $500 million worth of its convertible senior notes due 2030 through a private offering to institutional buyers. The company expects to grant the initial purchasers an option to purchase up to an additional $75 million worth of notes within a 13-day period.
MP Materials said it intends to use the net proceeds from the offering to fund the cost of entering into capped call transactions, to repurchase up to $300 million of its common stock and to repurchase a portion of its 0.25% green convertible senior notes due 2026, as well as for general corporate purposes.
MP Materials also announced that its board authorized a share repurchase ...