USA Rare Earth Stock Surges Pre-Market Following Acquisition Of LCM – Check Out The Details

USA Rare Earth (USAR) announced on Monday that it has entered an agreement to acquire LCM, an ex-China rare earth metal and alloy producer. 

The company stated the acquisition represents an acceleration of its mine-to-magnet strategy, helping it establish an end-to-end rare earth supply chain. Under the agreement, USAR will acquire LCM for $100 million in cash and 6.74 million shares of USAR’s common stock. 

USAR also announced Barbara Humpton as its new Chief Executive Officer, succeeding Josh Ballard. Her appointment will kick in on October 1, and she will also serve on USAR’s Board of Directors. Humpton previously led Siemens USA, where she oversaw major acquisitions and helped grow revenue beyond $20 billion, the company said. 

USAR’s stock was up as much as 12% in pre-market trade. On Stocktwits, retail sentiment around the company remained in ‘extremely bullish’ territory with chatter at ‘high’ levels over the past day. 

Get updates to this developing story directly on Stocktwits.

Read also: Why Cleveland Fed’s Beth Hammack Remains Worried About Inflation: ‘I’m Seeing It In The Services’

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