MP Materials files Section 205 petition to validate charter amendment; hearing set Mar 6, 2023

MP Materials Corp. / DE

Filed Delaware Court of Chancery petition to validate Nov 2020 charter amendment increasing authorized Class A shares from 200M to 450M and preferred from 1M to 50M.
Recent Delaware court decision created uncertainty on whether separate class vote of Class A common was required; company seeks validation under DGCL Section 205.
Hearing scheduled for March 6, 2023 at 1:30 PM ET in Wilmington; stockholders may appear or submit written positions.
If unsuccessful, uncertainty could materially impact ability to complete equity/debt financings and issue stock-based compensation.

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