MP Materials Announces Increase to its Share Repurchase Program
03 Septiembre 2024 - 8:00AM
Business Wire
MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”)
today announced that its Board of Directors has approved a $300
million increase to the Company’s existing share repurchase
program, bringing the total authorized amount to $600 million. The
share repurchase program has also been extended and is now
effective until August 30, 2026.
Subsequent to the most recent earnings announcement on August 1,
2024, MP Materials repurchased 1.4% of the Company, or
approximately 2.2 million shares, at an average price of $10.84.
Together with repurchases made in March, MP Materials has now
repurchased approximately 8.6% of the Company’s shares of common
stock for a total of $225.1 million in 2024.
“We remain very confident in the long-term value of our assets
and the MP platform,” said James Litinsky, Founder, Chairman, and
CEO of MP Materials. “As we have consistently stated, subject to
continuing to maintain a fortress balance sheet, we expect to be
opportunistic in our approach to capital allocation to create value
for shareholders.”
MP Materials may purchase shares from time to time at the
discretion of management through open market purchases, privately
negotiated transactions, block trades, accelerated or other
structured share repurchase programs, or other means. The manner,
timing, pricing and amount of any transactions will be subject to
the discretion of MP Materials and may be based upon market
conditions, regulatory requirements and alternative opportunities
that MP Materials may have for the use or investment of its
capital.
About MP Materials
MP Materials (NYSE: MP) produces specialty materials that are
vital inputs for electrification and other advanced technologies.
MP’s Mountain Pass facility is America’s only scaled rare earth
production source. The Company is currently expanding its
manufacturing operations downstream to provide a full supply chain
solution from materials to magnetics. More information is available
at https://mpmaterials.com/.
Join the MP Materials community on X, YouTube, Instagram and
LinkedIn.
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including corporate and investor presentations and financial
information. We intend to use our website as a means of disclosing
material, non-public information and for complying with our
disclosure obligations under Regulation FD. Such disclosures will
be included in the Investors section of our website. Accordingly,
investors should monitor such portion of our website, in addition
to following our press releases, Securities and Exchange Commission
filings and public conference calls and webcasts.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements under Section 27A
of the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements may be identified by the use of the words such as
“estimate,” “plan,” “shall,” “may,” “project,” “forecast,”
“intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” or
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
expectations regarding the share repurchase program and the ability
of the Company to complete the share repurchase program within the
two year time period. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of our management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of MP
Materials. These forward-looking statements are subject to a number
of risks and uncertainties, including, without limitation, the
Company’s ability to execute the contemplated share repurchase
program on attractive terms, the anticipated timing or at all; and
those risks and uncertainties discussed in MP Materials’ Annual
Report on Form 10-K filed on February 28, 2024, under the heading
“Risk Factors” and other documents filed by MP Materials with the
SEC. If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that MP Materials does not presently know or that
MP Materials currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect MP Materials’ expectations, plans or forecasts of future
events and views as of the date of this press release. MP Materials
anticipates that subsequent events and developments will cause MP
Materials’ assessments to change. However, while MP Materials may
elect to update these forward looking statements at some point in
the future, MP Materials specifically disclaims any obligation to
do so, unless required by applicable law. These forward-looking
statements should not be relied upon as representing MP Materials’
assessments as of any date subsequent to the date of this press
release. Accordingly, undue reliance should not be placed upon the
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240903642500/en/
Investors: Martin Sheehan IR@mpmaterials.com
Media: Matt Sloustcher media@mpmaterials.com
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