#mp-materials

#mp-materials

Shares in MP Materials Corp. surged in premarket trading following the U.S. Department of Defense's agreement to purchase $400 million worth of new preferred stock. This surge was followed by another rise, influenced by tech giant Apple.

The Pentagon has signed a long-term deal with MP Materials, investing hundreds of millions and facilitating $1 billion for a new facility dedicated to rare earth magnet manufacturing.

The DOD agreed to buy $400 million of MP Materials newly created preferred shares stock, making the U.S. military the company's largest stakeholder.