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FVAC U - Fortress Value Acquisition News Story

$15.61 0.6  4.1%

Sector
Basic Materials
Size
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 6851

BUZZ-Fortress Value Acquisition enters deal to take rare earth miner public, shares up

Wed 15th July, 2020 2:25pm
** Special purpose acquisition company's shares  FVAC.N 
jump 22% to $12.20 premarket 
    ** Co to merge with MP Materials, a company that operates a
mining and processing site in California that is estimated to
contain rich rare earth deposits  urn:newsml:reuters.com:*:nBw8QZX83a
    ** After deal, the combined company will have an estimated
equity value of ~$1.5 bln and more than $500 mln in net cash 
    ** For the merger, FPAC will raise $200 mln in investment,
led by investors including venture capitalist Chamath
Palihapitiya, at $10.00/share 
    ** After merger, co will be named MP Materials Corp. and
assume new ticker symbol "MP" on NYSE 
    ** Rare earth materials are used in various technologies
such as electric vehicles, wind turbines, robotics, drones,
defense systems

 (Reporting by Taru Jain)
 ((taru.jain@thomsonreuters.com))
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