08:09 AM EDT, 08/22/2024 (MT Newswires) -- USA Rare Earth has agreed to go public via a business combination with the blank-check company Inflection Point Acquisition (IPXX), the companies said Thursday

The proposed business combination is expected to be completed by early 2025 at an estimated enterprise value of $870 million. Existing equity owners of USA Rare Earth are expected to own about 84% of the post-combination company.

USA Rare Earth expects to use the net proceeds from the proposed business combination for general corporate purposes.