TMRC Shareholders Approve Merger with USA Rare Earth, Clearing Final Hurdle
TMRC is trading near its 52-week low of $0.5 (11% above the low).
Summary
Texas Mineral Resources shareholders voted to approve the merger with USA Rare Earth, making TMRC a wholly owned subsidiary. The vote, held July 28, was the final step after a contentious proxy battle that included two shareholder lawsuits and supplemental disclosures revealing $794M in annual revenue projections for the Round Top Project. The deal now moves to closing, combining TMRC's rare earth deposit with USAR's processing capabilities. The merger had been flagged as critical for TMRC, which reported increased losses and a going concern warning in its last 10-Q. Completion is expected shortly, with USAR's incoming CEO Thras Moraitis set to take over October 1.
At the time of this announcement, TMRC was trading at $0.55 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $49M. The 52-week trading range was $0.50 to $3.02. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.