MP - Why Shares of America's Biggest Rare-Earth Metals Company Crashed Today
Shares of MP Materials (NYSE: MP) , the company known as Molycorp prior to its recent SPAC IPO and currently "the largest rare earth materials producer in the Western Hemisphere," fell Wednesday, closing 9.4% lower.
In twin press releases, the rare-earth metals miner announced that some of its shareholders intend to sell as many as 6.9 million shares of common stock for $35 per share on Friday. Simultaneously, MP Materials itself will sell up to $690 million worth of "0.25% Green Convertible Senior Notes due 2026" (i.e., debt).
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Why Shares of America's Biggest Rare-Earth Metals Company Crashed Today