initial public offerings (IPOs) trading on American exchanges

Wednesday, February 3, 2021

MP Materials (MP) began trading on the NYSE on Wed 18 Nov 2020

  • IPO via a Fortress SPAC transaction. 
  • Stock closed its first day on the market at $15 a share.

The mining company, which owns the Mountain Pass open-pit mine in southeastern California, supplies rare earth magnets to electric vehicle makers.

Rare earth magnets are used in green technologies, such as electric vehicles and wind turbines, to turn energy into motion. Electrification trends are leading to growing demand for what’s called Neodynium-Praseodymium, or NdPr. MP Materials is the largest producer of NdPr magnets in the West and predicts it will be the dominant technology for the coming decades.

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