Hycroft Mining Holding Corporation , announced (1) the listing for trading of its HYMCL Warrants (defined below) on The Nasdaq Capital Market (“Nasdaq”) commencing with the opening of trading on January 25, 2021 and (2) certain adjustments to the terms of its Seller Warrants (defined below).
Listing of HYMCL Warrants on The Nasdaq Capital Market
On October 6, 2020, the Company completed an underwritten public offering of 9,583,334 units, each unit consisting of one share of the Company’s Class A Common Stock, par value $0.0001 per share (“Common Stock”), and one warrant to purchase one share of Common Stock at an exercise price of $10.50 per share (such warrants referred to as the “HYMCL Warrants”). The HYMCL Warrants were issued pursuant to that certain Warrant Agreement, dated as of October 6, 2020, by and between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent. Nasdaq has approved the Company’s application to list the HYMCL Warrants under the symbol “HYMCL” on its Capital Market trading platform commencing on January 25, 2021.
Adjustment to Terms of Seller Warrants
On January 19, 2021, the Company issued a notice of adjustments to holders of certain of its outstanding warrants issued by Hycroft Mining Corporation (“Seller”) pursuant to that certain Warrant Agreement, dated October 22, 2015 (the “Seller Warrant Agreement), by and between Seller and Computershare Inc. and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively as the initial warrant agent. The Seller Warrant Agreement and the Seller Warrants issued thereunder were assumed by the Company, with Continental Stock Transfer & Trust Company LLC as the successor warrant agent, in connection with the closing of the Company’s business combination on May 29, 2020 between the Company and Seller. The Company has elected to prospectively deem all 2,508,002 shares of Common Stock authorized for issuance and which may be issued from time to time under the HYMC 2020 Performance and Incentive Pay Plan to be issued to “Restricted Persons” under the Seller Warrant Agreement and prospectively adjust the terms of the Seller Warrants.
In accordance with the adjustment provisions of the Seller Warrant Agreement, (1) the exercise price of each Seller Warrant is decreased from $41.26 per share of Common Stock to $40.31 per share of Common Stock; (2) the number of shares of Common Stock issuable upon exercise of each Seller Warrant is increased from 0.27411 to 0.28055; and (3) as adjusted, the aggregate number of shares of Common Stock issuable upon full exercise of the 12,721,623 outstanding Seller Warrants is increased from 3,487,168 shares to 3,569,051 shares of Common Stock.
About Hycroft Mining Holding Corporation
Hycroft is a US-based, gold and silver producer operating the Hycroft mine located in the world-class mining region of Northern Nevada. The Hycroft mine features one of the largest gold/silver deposits in the world with a low-capital, low-cost process and a 34-year mine life.