Comstock restructures GenMat investment; new terms: $25M at $200M valuation, 40% stake

Comstock Inc.

Comstock's prior $15M investment now represents ~32% of GenMat equity under new MOU.
Comstock commits up to $25M over 4 years at $200M post-money valuation, increasing stake to 40%.
Overall commitment reduced from $50M to $40M; third-party financing of $10M+ relieves further funding.
GenMat achieved >98% AI accuracy for materials discovery; GENMAT-1 satellite launched; early adopter sales.
Comstock gets exclusive license in biofuels and non-exclusive in mining under new general license agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.4

Comstock Inc. entered into Non-Binding Memorandum of Understanding with Quantum Generative Materials LLC (Genmat) (effective 2024-04-25).

Action: entry
Counterparty: Quantum Generative Materials LLC (Genmat)
Effective: 2024-04-25

Exact text from the filing

On April 25, 2024, Comstock Inc. (the “Company”) entered into a non-binding memorandum of understanding (the “MOU”) with Genmat to effectively amend, restate, terminate and/or supersede agreements with Quantum Generative Materials LLC (“Genmat”) dated June 24, 2021.

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246 material agreements filed in the last 30 days. Browse all material agreements →

Comstock Inc. filing history →

Source: SEC EDGAR

accession 0001120970-24-000048

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