9 Feb 2021auditor change▼ BadMajor
General Moly's auditor Plante & Moran resigned days after the Chapter 11 filing; its most recent audit report had already flagged going-concern doubt.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2020listing compliance notice▼ BadMajor
The Toronto Stock Exchange separately moved to delist General Moly, citing its insolvency/bankruptcy exposure and financial condition, effective December 29, 2020 — its last remaining public listing was gone.
20 Nov 2020bankruptcy or receivership▼ BadMajor
General Moly filed for Chapter 11 bankruptcy, with a $1.4 million debtor-in-possession loan funded by insiders (CEO Bruce Hansen, his relative Bong Hansen, and an entity called New Moly LLC) and a pre-arranged restructuring plan that would convert that DIP debt into equity in the reorganized company — after fifteen years and two failed Chinese-financing partners (Hanlong, then Amer), Mount Hope was never built and the company's public-market ownership was wiped out in favor of insiders and bondholders.
9 Oct 2020listing compliance notice● NeutralMajor
General Moly, Inc's exchange filed to remove a class of its securities from listing.
1 Oct 2020listing compliance notice▼ BadMajor
General Moly told NYSE American it would not even submit a compliance plan; the exchange suspended trading and began delisting the stock.
21 Sept 2020asset acquisition disposition▼ BadMajor
The Liberty project sale to Pathfinder closed for $2 million upfront, but General Moly disclosed plainly that it still faced a severe working-capital deficit and "substantial doubt about the Company's ability to continue as a going concern," warning that bankruptcy could leave stockholders and even noteholders with nothing.
4 Sept 2020listing compliance notice▼ BadMajor
NYSE American cited General Moly for a $115.6 million stockholders' deficit and five straight years of losses, demanding a compliance plan by month's end — the delisting threat had escalated from a low share price to outright insolvency-level deficiencies.
3 Sept 2020material agreement▼ BadMajor
General Moly agreed to sell its Liberty project (the former Hall-Tonopah copper-moly deposit) to Pathfinder Minerals for up to $3 million plus a royalty — shedding its second asset to raise cash as the Mount Hope financing search kept failing.
29 Apr 2020debt financing▼ Bad
General Moly took a $365,034 Paycheck Protection Program loan, explicitly because the COVID-19 pandemic had cut off its other options for raising capital.
17 Mar 2020listing compliance notice▼ BadMajor
NYSE American gave General Moly extra time (until its 2020 annual meeting) to pursue a reverse stock split after it missed the prior deadline, tagging the stock ".BC" as below compliance in the meantime.
3 Jan 2020capital raising announcement▼ BadMajor
General Moly exchanged 95% of its maturing 2019 notes for new notes due 2022 at a higher 12% interest rate — avoiding a near-term default by paying more for the extension, a classic sign of a company running out of options.
30 Sept 2019material agreement▼ BadMajor
Noteholders agreed to let General Moly defer a roughly $162,000 interest payment for 90 days without triggering default — the same week the company finally received its last major federal permit (the Record of Decision) for Mount Hope, a rare piece of good news arriving alongside real cash strain.
18 Sept 2019listing compliance notice▼ BadMajor
NYSE American issued a second low-price warning, giving General Moly until March 2020 to fix its share price or face delisting.
7 Aug 2019capital raising announcement▼ Bad
With the Amer relationship in dispute, General Moly raised another $400,000 from CEO Hansen and COO Pennington through a new class of preferred stock.
5 Aug 2019material agreement termination▼ BadMajor
Amer International tried to terminate its 2015 financing agreement, citing US-China tensions, permitting delays and solvency concerns; General Moly disputed the termination and countered that Amer itself had defaulted by missing a funding deadline — the years-long Chinese-financing strategy was collapsing in open dispute.
23 May 2019capital raising announcement▼ BadMajor
Landowner Mount Hope Mines bought $500,000 of the same insider-style preferred stock, and executives funded a third $300,000 tranche — the company was now being kept afloat mainly by insiders and its own royalty landlord.
28 Mar 2019capital raising announcement▼ Bad
CEO Bruce Hansen and COO Robert Pennington put in the first $300,000 of the insider preferred-stock financing announced two weeks earlier.
15 Mar 2019capital raising announcement▼ BadMajor
General Moly hired financial advisors to explore "strategic alternatives" — including a possible sale of the company or its assets, or restructuring its 2014 convertible notes due that December — while arranging a small $900,000 insider-funded preferred-stock bridge led by CEO Bruce Hansen.
22 Jan 2019auditor change▼ BadMajor
General Moly dismissed PricewaterhouseCoopers as part of a cost-cutting and cash-conservation drive; PwC's last audit report had already flagged liquidity pressure.
18 Dec 2018listing compliance notice▼ BadMajor
NYSE American warned General Moly it must reverse-split its stock or show sustained price improvement by June 2019 to keep its listing — the low share price becoming a listing problem on top of the stalled financing.
19 Oct 2018material agreement▼ BadMajor
General Moly raised just $2.3 million in a small underwritten public offering at $0.25 a unit — a token amount reflecting how depressed its stock and financing prospects had become.
28 Feb 2018material agreement● Neutral
Eureka Moly and landowner Mount Hope Mines added a small royalty on any non-molybdenum minerals (like zinc) the project might eventually produce.
16 Oct 2017capital raising announcement● Neutral
Amer's $6 million second-tranche investment closed despite the water-permit setback.
2 Oct 2017material agreement▼ BadMajor
The Nevada Supreme Court affirmed a lower-court ruling vacating Mount Hope's water permits, a serious setback that also pushed back the Amer second-tranche closing by two weeks.
10 Aug 2017material agreement▼ BadMajor
General Moly and Amer restructured their deal again, accelerating a $6 million second-tranche closing but tying the larger third tranche to either a share-based acquisition or getting Mount Hope's water permits reissued — permits that, unknown to the company at signing, were about to be struck down.
18 July 2017material agreement▼ Bad
The Amer warrant deadline was extended a third time.
20 June 2017material agreement▼ Bad
The Amer warrant deadline was extended again, by another month.
18 Apr 2017material agreement▼ Bad
General Moly and Amer extended a warrant-vesting deadline by two months as they discussed reworking their broader financing agreements.
1 Dec 2015capital raising announcement▼ BadMajor
The Amer International deal was restructured into three smaller closings, and the first closed for just $4 million (versus the roughly $20 million originally implied) — a much slower start than the 2015 announcement suggested.
24 July 2015material agreement▼ Bad
General Moly and SeAH Besteel added a hard end date (December 2020) to their 2008 molybdenum supply agreement if the Mount Hope project still hasn't started production by then.