MP Materials’ $242 Million Common Stock Offering

Davis Polk advised the lead book-running managers and representatives of the underwriters in the offering.

MP Materials Corp. executed an underwritten secondary offering of 6,900,000 shares of common stock, including 900,000 shares from the full exercise of the underwriters’ option to purchase additional shares, for gross proceeds of $242 million. 

Deutsche Bank Securities Inc., BofA Securities, Inc., Morgan Stanley & Co. LLC, Cowen and Company, LLC, and Northland Securities, Inc. acted as underwriters for the offering.

MP Materials is the owner and operator of Mountain Pass, the only rare earth mining and processing site of scale in North America, and currently produces a rare earth concentrate product comprising approximately 15% of global production. The company aims to restore a secure and sustainable domestic rare earth supply chain for critical sectors of the modern global economy.

The Davis Polk corporate team included partner Michael Kaplan (Picture) and associates Hillary A. Coleman and Samuel F. Page. The equity derivatives team included partners Mark M. Mendez and Mark J. DiFiore and associates Hanbing Zhang and Lindsey B. Meyers-Perez. The environmental team included counsel David A. Zilberberg. The tax team included partner Lucy W. Farr and associate Tomislava Dragicevic. 

Involved fees earner: Hillary Coleman – Davis Polk & Wardwell; Mark DiFiore – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Mark Mendez – Davis Polk & Wardwell; Lindsey Meyers-Perez – Davis Polk & Wardwell; Samuel Page – Davis Polk & Wardwell; Hanbing Zhang – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; Cowen and Company; Deutsche Bank Securities; Morgan Stanley; Northland Securities, Inc.;

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Author: Martina Bellini