MP Materials Corp ( MP ) shares are trading lower in after-hours on Wednesday after the company announced a proposed public offering.

What Happened: MP Materials ( MP ) said it commenced a $500 million underwritten public offering of its common stock. The company expects to grant the underwriters a 30-day option to buy up to an additional 15% of the shares sold in the offering.

All shares are being offered by MP Materials ( MP ). The company intends to use the net proceeds to fund the acceleration and expansion of its operations and for strategic growth opportunities.

The offering comes after MP Materials ( MP ) shares hit all-time highs this week on the back of deals with the Department of Defense and Apple.

MP Materials ( MP ) entered into a public-private partnership with the Department of Defense last week aimed at building out an end-to-end U.S. rare earth magnet supply chain to reduce foreign dependency. The company also announced a long-term partnership with Apple on Tuesday to supply the iPhone maker with magnets. Magnet shipments intended to support hundreds of millions of Apple devices are expected to begin in 2027.

MP Materials ( MP ) had approximately $759.16 million in cash, cash equivalents and short-term investments as of March 31.

MP Price Action: MP Materials ( MP ) shares closed Wednesday up 0.57% at $58.55. The stock was down 6.06% in after-hours Wednesday, trading at $55 at the time of publication, according to Benzinga Pro.

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