Every day, the action in the premarket trading period can often give investors a fair indication about the direction of the market and hence, it is important to note that the Hycroft Mining Holding Corporation (NASDAQ:HYMC) stock is on the move today.
Trading Data
On Friday, HYMC stock fell 3.03% to $1.28 with 64.44 million shares, compared to its average Friday of 28.90 million shares. The stock moved within a range of $1.2700 – 1.3900 after opening trade at $1.30. However, the stock is up 22% in the premarket session at $1.56.
Hycroft Completes $138.6 Million At-The-Market Equity Offering Program
The stock has experienced considerable action already and managed to clock gains of as much as 22% in premarket trading. The company, which is involved in the previous metals development space, came into focus this past Friday after it announced that it had been successful in concluding its ‘at the market’ equity offering initiative.
It should be noted that the offering had been disclosed by the company previously. By way of this program, the company managed to sell as many as 83,553,584 shares and managed to bring in gross proceeds to the tune of as much as $138.6 million. However, it should be noted that offering expenses and commissions are going to be deducted from the sum.
It is now going to be interesting to see if the stock continues to be in action among investors through the course of the trading day today or not. It may be a good time to add the Hycroft Mining Holding stock to your watch lists.
Key Quote
Diane Garrett, President, CEO and Acting Chairman of Hycroft, commented, “We are extremely pleased with this successful financing which places the Company on solid footing to advance the Hycroft Mine as well as opening up additional opportunities for the Company. Thanks to the significant and timely equity private placement announced March 15, 2022, with Eric Sprott and AMC Entertainment Inc., combined with the ATM equity program completed today, our financial position is significantly strengthened allowing us to reduce our debt and extend repayment to 2027. Raising gross cash proceeds of $194.4 million changes the dynamics of the Company, expanding our ability to properly and diligently develop the Hycroft Mine, including a robust exploration program, and to further unlock the value of this world-class asset. We welcome our new shareholders to the Company and look forward to updating you with ongoing developments.”
Technical Data
HYMC stock is trading above the 20-Day and 50-Day Moving averages of $1.08 and $0.64 respectively. However, the stock is trading below the 200-Day moving average of $1.42.
