USA Rare Earth (USAR) said Wednesday it signed an agreement to raise $75 million from a new institutional investor through a private investment in public equity.
The agreement covers about 8.6 million common shares, pre-funded warrants to purchase about 2.2 million shares, and warrants to purchase an equal number of shares at a strike price of $7 per share, USA Rare Earth said.
The warrants will expire after six years, according to the company
Net proceeds will be used to fund capital expenditures for the magnet manufacturing facility in Stillwater, Oklahoma, as well as for working capital and operating expenses, the company said.
Shares of USA Rare Earth were down more than 11% in recent trading.
Price: 11.43, Change: -1.43, Percent Change: -11.12
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