9 June 2020business combination● Neutral
Hycroft Mining Holding Corporation filed a technical amendment adding XBRL data to its merger-closing report, no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 June 2020business combination▲ GoodMajor
Mudrick Capital completed its acquisition of Hycroft Mining and renamed itself Hycroft Mining Holding Corporation (Nasdaq: HYMC): the deal valued Hycroft at about $615 million, brought in $76 million via a private placement, and saw the company draw $70 million under a new $110 million Sprott credit facility plus take a $30 million upfront royalty payment from Sprott in exchange for a 1.5% royalty on the Hycroft mine.
4 June 2020business combination▲ Good
Hycroft Mining Holding Corporation reissued its press release confirming the Mudrick/Hycroft merger had closed.
29 May 2020listing compliance notice● NeutralMajor
HYCROFT MINING HOLDING CORP's exchange filed to remove a class of its securities from listing.
14 May 2020merger communication▲ GoodMajor
With its Hycroft acquisition proxy materials now mailed to shareholders, Mudrick Capital released an investor presentation touting Hycroft's restarted Nevada mine (18 million ounces of gold-equivalent reserves, a 34-year mine life) ahead of the vote.
14 May 2020business combination● Neutral
Mudrick Capital furnished the investor presentation for its pending Hycroft acquisition ahead of the shareholder vote.
5 May 2020business combination● Neutral
Amendment No. 3 is a Part II filing only -- the prospectus body and the fee table are stripped out -- and what it does is convert Weil Gotshal's legality and tax opinions from forms into the signed opinions themselves.
24 Apr 2020business combination● NeutralMajor
Amendment No. 2 fixed the vote: an April 17, 2020 record date for the Mudrick special meeting, against 15,512,091 Class A shares registered at $10.00 - roughly $155.1 million - as the consideration for the Allied Nevada Gold Holdings interests being bought from Hycroft Mining Corporation.
7 Apr 2020business combination● Neutral
Amendment No. 1, filed as the pandemic hit: it is the first version to discuss COVID-19, warning holders to vote in advance because the special meeting might have to be moved off an in-person format, and adding a charter proposal to allow virtual-only meetings in future. The transaction it registers - Mudrick's takeover of Hycroft Mining, with the seller owing a $12.73 million fee if its own holders vote it down - is described in the same terms as in February.
27 Feb 2020business combination● Neutral
Mudrick Capital and Hycroft amended their purchase agreement so Mudrick will assume Hycroft's existing warrant obligations at closing, a technical adjustment to the pending merger.
27 Feb 2020merger communication● Neutral
Mudrick Capital and Hycroft amended their purchase agreement so Mudrick will assume Hycroft's existing warrant obligations at closing, a technical adjustment to the pending merger.
14 Feb 2020material agreement● Neutral
Mudrick Capital amended its IPO underwriting agreement so Cantor Fitzgerald's deferred underwriting fee will be paid in stock and cash when the Hycroft deal closes, rather than only in cash.
14 Feb 2020merger communication● Neutral
Mudrick Capital amended its IPO underwriting agreement so Cantor Fitzgerald's deferred underwriting fee will be paid in stock and cash when the Hycroft deal closes, rather than only in cash.
14 Feb 2020business combination● NeutralMajor
Mudrick Capital's blank-cheque vehicle registered the shares for its takeover of Hycroft Mining, the Nevada heap-leach operation that came out of Allied Nevada's bankruptcy. The arithmetic in the filing is the point: the SPAC's own public stockholders were projected to keep only about 1.9% of the listed company and the sponsor about 9.5%, with the rest going to Hycroft's creditor-owners and the financing; no appraisal rights, a Nasdaq vote needed because more than 20% of the stock is being issued, and a $12.73 million break fee payable by the seller if its holders refuse.
14 Jan 2020merger communication▲ GoodMajor
Mudrick Capital Acquisition Corporation (a SPAC) agreed to acquire Hycroft Mining Corporation, a Nevada gold and silver producer, in a roughly $325 million deal that also restructures Hycroft's debt (some notes exchanged for stock, some for cash) and brings in $65 million of new equity investment from Mudrick, Whitebox, Highbridge, Aristeia and Wolverine.
14 Jan 2020capital raising announcement▲ GoodMajor
Mudrick Capital signed the purchase agreement to acquire Hycroft Mining Corporation, the successor to bankrupt Allied Nevada Gold and operator of the Hycroft heap-leach gold/silver mine -- the deal that closed four months later and renamed the company Hycroft Mining Holding Corporation.
3 Jan 2020debt financing● Neutral
Mudrick Capital Acquisition Corporation, a blank-check SPAC still searching for a deal, borrowed up to $1.5 million from its own sponsor to cover working capital until it completes an acquisition.
6 Mar 2018capital raising announcement● Neutral
Cantor Fitzgerald partially exercised its IPO overallotment option, adding $8 million more to Mudrick Capital's trust via 800,000 additional units.
16 Feb 2018capital raising announcement● Neutral
Alongside its IPO, Mudrick Capital completed a $7.5 million private placement of warrants to its sponsor and underwriter Cantor Fitzgerald -- standard SPAC structuring.
13 Feb 2018capital raising announcement● Neutral
Mudrick Capital Acquisition Corporation -- the blank-check company that would later become Hycroft Mining -- closed its IPO, raising $200 million selling 20 million units at $10.00 each.
7 Feb 2018listing compliance notice▲ GoodMajor
the exchange certified HYCROFT MINING HOLDING CORP's securities for listing, clearing them to begin trading.