07:01 AM EDT, 07/17/2025 (MT Newswires) -- MP Materials ( MP ) said Thursday it priced its upsized underwritten public offering of over 11.8 million common shares at $55 per share, for expected gross proceeds of $650 million.

The company also granted underwriters a 30-day option to buy up to about 1.8 million additional shares at the same price, less underwriting discounts and commissions.

MP Materials ( MP ) plans to use the proceeds to accelerate and expand operations, including the development of its 10X Facility, as well as for strategic growth opportunities and general corporate purposes. The offering is expected to close on July 18.