Fortress Value Acquisition Corp. (NYSE:FVAC) announced in an 8-K filing that its shareholders approved its business combination with rare earth minerals-miner MP Materials in a vote on November 13.
All measures on the ballot at the special meeting passed by wide margins, and the vote was the final hurdle for Fortress Value to complete the transaction.
Fortress Value did not release redemption figures in the filing, but it faced low redemption risk heading into the vote. The MP Materials deal has been consistently appreciated by the market and Fortress Value opened trading ahead of the vote at $14.13. With an estimated $10.00 pro rata in its trust account, it is unlikely many investors opted for cash in hand.
It announced its $1.5 billion combination with MP Materials on July 15. The Nevada-based mining company holds about 15% of the world’s available supply of neodymium-praseodymium, which is a critical ingredient in motors for electric vehicles, wind turbines and other robotics.
To see full results of the shareholder vote, click here.
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