Business
Ramaco Resources, Inc. Announces Plan to Issue New Tracking Stock
LEXINGTON, Ky., May 11, 2022 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco Resources" or the "Company") announced today that its board of
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"LEXINGTON, Ky., May 11, 2022 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) (\"Ramaco Resources\" or the \"Company\") announced today that its board of directors has authorized management to pursue an issuance of a new class of common stock of the Company, which is expected to receive a dividend based on the financial performance of a portion of the assets it recently acquired through its Ramaco Coal acquisition. In connection with the creation of the new tracking stock, record holders of the Company's common stock would receive shares of the tracking stock as a distribution.\nRamaco Resources intends to attribute to the tracking stock the assets related to the Company's metallurgical coal royalty interests, intellectual property and licensing arrangements related to advanced carbon products and materials and the reserve interest and permit rights related to the Brook Mine in Sheridan, Wyoming. The Company intends to refer to this new business line as \"Core Resources\", signifying its focus on carbon ore and rare earth elements. The creation of the new tracking stock is subject to various conditions, including the requisite approval of the holders of the Company's common stock at a stockholders' meeting and the receipt of the opinion of tax counsel. Ramaco Resources expects to complete the creation of the new tracking stock in the second half of 2022.\nThe record date, the distribution date and the stockholder meeting date will be announced at a later date.\nThis press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The tracking stock may only be distributed pursuant to an effective registration statement. The Company's stockholders and other investors are urged to read the registration statement to be filed with the SEC, because it will contain important information about the issuance of shares of the proposed tracking stock. Copies of the Company's SEC filings are available free of charge on the SEC's website at www.sec.gov.\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\nCertain statements contained in this ...