MP Materials commences $500 million public offering of common stock
Shares of MP Materials fell 5.8% in extended trade. They have surged 275% so far this year, giving the company a market value of $9.57 billion.
The $500 million agreement with Apple is a coup for MP and a rare investment by a tech company aiming to reduce its supply risks for rare earth magnets.
The Las Vegas-based company also signed a multibillion-dollar agreement with the U.S. Department of Defense last week as the government seeks to reduce its reliance on China, which restricted rare earths exports in April in response to President Donald Trump's tariffs. Though the U.S. and China reached a deal in June that has resolved much of the rare earths dispute, broader trade tensions continue to underscore demand for non-Chinese supply.
The Pentagon deal did not require MP Materials to issue stock for the general public.
MP said it intends to use net proceeds from the offering to fund growth opportunities and for general corporate purposes.
The company said it would grant underwriters a 30-day option to purchase up to an additional 15% of its shares.
J.P. Morgan and Goldman Sachs are acting as lead joint book-running managers in the stock sale, while Morgan Stanley is another book-running manager.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
10 minutes ago
- The Guardian
Feeling flush? Americans can Venmo government to help pay off US debt
John F Kennedy's sage words from his inaugural address are forever seared into America's political consciousness: 'Ask not what your country can do for you – ask what you can do for your country.' Six decades and some change later, the United States Treasury is keeping Kennedy's spirit alive by offering Americans with a few dollars collecting dust in their Venmo balance a chance to fulfill a new patriotic duty: helping pay off the national debt. The US treasury department has long had a 'Gifts to Reduce the Public Debt' page available for those that dislike traditional charity, feel like they don't pay enough in taxes, or simply want to help the country stay No 1 in an eclectic list of superlatives that includes military spending, Olympic gold medals, prison population, corn subsidies, and healthcare costs. But the new-age, Gen Z-friendly method of payment is a recent addition, first flagged on Twitter by Planet Money's Jack Corbett. A bipartisan punching bag that trades sides of the aisle depending on who's in office and who needs funds earmarked for projects in their state, concern over the national debt is one of few issues that Democrats and Republicans can unite on. Also bipartisan is the debt's growth, which has increased every year since 2001, when it sat at $10.28tn. As of this writing, the debt has ballooned to $36.72tn. America is on track to continue the trend, with the Congressional Budget Office estimating that Trump's Big Beautiful Bill will add $3.4tn to the debt over the coming decade. It is unclear how much money Trump and Elon Musk's 'Doge' saved, although analysis estimates the number at under the advertised $180bn, and a far cry short of the initially advertised $2tn. The federal government spent $6.75tn in Fiscal Year 2024 while collecting $4.92tn in revenue. Highlights of past and present government spending include the $151bn procurement process for the Trump administration's Golden Dome missile defense project, over $2tn on Lockheed Martin's long delayed F-35 fighter jet, and roughly $800bn in annual spending on the Pentagon, which recently failed its seventh audit in a row. Kind-hearted Americans have gone above and beyond their regular tax-paying duties contributing around $67.3m since 1996. That's enough to fund 20 minutes of the US government's spending habit. If Americans could dig into their couch cushions, eat less takeout, and tighten their belts, they might be able to tackle the problem once and for all. It would only take about $107,000 per person, payable via ACH, Paypal, credit or debit card, and now, Venmo.
Daily Mail
10 minutes ago
- Daily Mail
America's biggest retailer caught hiking prices of hundreds of essentials after promising not to
Amazon has raised prices on hundreds of everyday items, from Campbell's soup to Dove deodorant, despite promising to shield shoppers from tariff-driven inflation. A Wall Street Journal review of nearly 2,500 products found prices rose on about 1,200 items between January 20 and July 1. In contrast, big box rival Walmart lowered its prices on the same items by nearly two percent. Manufacturers of products that went up in price told the Journal they hadn't raised wholesale prices for Amazon. Even US-made products exempt from tariffs, like Campbell's soup, have become more expensive. Items with mixed origins saw even steeper jumps. A storage basket from Ohio-based Dayglow LLC, which imports parts from several countries including China, nearly doubled in price on Amazon—from $9.31 in early 2025 to $19.99 by late April. Dayglow told the publication it has not raised the prices it charges Amazon even though it is now paying more for its imported goods due to tariffs. 'Any container I had that was coming took a cost increase basically overnight,' CEO Nick Morrisroe said of the steel tariffs he now pays after they went in to effect last month. Jeff Bezos's retail giant insists the increases don't reflect a broader shift in its pricing. 'We have not seen the average prices of products offered in our store change up or down appreciably,' the company said. 'Our commitment to offering low prices — not relative percentage changes — is what delivers the most value to our customers.' Many of the items the Wall Street Journal tracked fall under Amazon's 'everyday essentials' — a category that accounted for about one in three products the company sold in the US in the first quarter of 2025. The biggest single-day jump in price for Amazon's items came on February 15, two days after Trump signed an order that suggested he would hit most of the US's trading partners with tariffs. Economists have warned that tariffs will push up the price of everyday essentials and big ticket items for American consumers. Big box competitor Walmart lowered its prices on the same items by nearly two percent Inflation ticked up last month as some of these price changes have begun to make their way into the economy. Overall inflation hit 2.7 percent in June compared to a year earlier, up 0.3 percent than the month before. Car dealers, which are subject to tariffs of 25 percent on imported auto parts, have also begun to raise prices on new vehicles. Other have found sneaky way to raise prices without bumping up the sticker price, including slashing rebates and cheap financing deals.
Daily Mail
10 minutes ago
- Daily Mail
Social Security makes screeching U-turn on controversial policy
Social Security will continue mailing paper checks — in a major U-turn from a previously announced plan. The agency had planned to halt checks after September 30 to cut costs and reduce fraud, shifting entirely to electronic payments. Paper checks cost about 50 cents to issue, compared with 15 cents for direct deposits, officials said. But the agency has now reversed course, saying that it will continue to issue paper checks for Americans who have no other means of getting payments, a spokesperson confirmed to This includes both recipients of retirement and disability benefits. Despite the about-face, the agency urged people to switch to direct deposit if they can. 'We will continue to drive down paper check volume, which is less than 1 percent of total,' the spokesperson said. The news comes as a grim new forecast this week warned Social Security's retirement fund is set to run short in just seven years — which could end up meaning benefits will be slashed for millions of recipients. The check U-turn came after pushback from Massachusetts Democratic Senator Elizabeth Warren. Warren met with Social Security Commissioner Frank Bisignano on Wednesday and asked about the plan to discontinue paper checks, according to CBS News. 'There are about 600,000 Americans who still receive their paper checks — it's a small fraction of people who receive Social Security payments, but it's a population that often needs checks through paper' instead of through electronic deposit, Warren said. She added that Bisignano made a commitment that 'no one would be left behind.' Millions of Americans are 'unbanked,' which means they do not have a traditional checking or savings account at a bank or credit union. The reasons why can vary, from past money mistakes to losing a job or not having enough money to meet minimum balance requirements. These people tend to rely on alternative banking services, such as check cashing establishments, in order to access vital funds. But paper checks are also more than 16 times more likely to be reported stolen or lost compared to electronic transfers, according to government data. There is also a higher chance that they will be returned deliverable or altered. The policy reversal came after pushback from Massachusetts Democratic Senator Elizabeth Warren Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans who still receive paper checks but are able to switch can provide a bank account or credit union for direct deposits or an approved pre-paid debit card. Registration can be completed at the government's Go Direct website. The policy reversal comes after latest forecasts painted a grim picture for the future of the program. Social Security's retirement fund is set to run short in just seven years — which could end up slashing benefits for millions of Americans by thousands of dollars a year. According to latest projections, retirees could face automatic 24 percent benefit cuts as early as the end of 2032. This means a couple who both worked would receive $18,100 less each year if they retire at the start of 2033. The new forecast from the nonpartisan Committee for a Responsible Federal Budget (CRFB), released Thursday, moves up the insolvency date for both Social Security and Medicare trust funds. A projection just last month had funds lasting until 2033, but that has already been revised. A major factor is the impact of President Donald Trump's 'Big, Beautiful Bill ', which experts warned would speed up the use of funds.
