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American Resources refutes false stock issue rumors

letizo News



FISHERS, IN – American Resources (NASDAQ:) Corporation (NASDAQ:AREC), a supplier of rare earth elements and carbon materials, has publicly denied allegations of issuing equity at a significantly reduced price, as suggested by online speculation. Mark Jensen, CEO of the company, labeled the claims as “entirely false” and harmful to shareholders.

The rumors, which surfaced in online chat rooms, suggested that American Resources was issuing 20 million shares at 48 cents each. The company has taken steps to address the situation by notifying legal counsel and filing a complaint with the SEC and NASDAQ to investigate the misleading posts and their impact on the stock’s trading activity.

Jensen condemned the spread of false information as “nefarious” and “manipulative,” and expressed concern over the practice of naked short selling, urging regulators to investigate such market activities. He emphasized that American Resources is not raising capital at the alleged price and is instead focusing on growth through non-dilutive capital and leveraging its assets and partnerships.

The company, which operates in the Central Appalachian basin, is known for supplying materials for steelmaking and the electrification market, as well as for its environmentally responsible approach. American Resources prides itself on a low-cost business model aimed at scaling operations to meet the demands of the global infrastructure and electrification markets.

Despite the recent distractions caused by the false information, Jensen remains optimistic about the company’s divisions and their positioning in the market, believing that their execution will ultimately reflect in the company’s share price.

This statement comes amidst a volatile period for the stock, as the company seeks to clarify its financial strategies and reassure investors of its commitment to growth without equity dilution. The information in this article is based on a press release statement from American Resources Corporation.

In other recent news, American Resources Corporation has released its first quarter 2024 earnings call, revealing strategic developments. The company plans to spin off its subsidiaries, American Carbon Corporation and ReElement Technology Corporation, by the end of the year. Additionally, American Resources is advancing its expansion into the Jamaican iron ore market and enhancing its refining capabilities.

CEO Mark Jensen emphasized the cost-effectiveness and environmental focus of their refining technology. He also highlighted the company’s acceptance into the Defense Industrial Base Consortium, which allows for defense sector bidding. Jensen also noted that American Resources has invested $20 million in Wyoming project development, with an additional $25 million earmarked for completion and production.

InvestingPro Insights

In light of the recent controversies surrounding American Resources Corporation (NASDAQ:AREC), investors may benefit from a closer look at some key financial metrics and insights from InvestingPro. Despite the company’s efforts to counteract the spread of misleading information, AREC’s financial health and market performance have been areas of concern, according to InvestingPro data and analysis.

InvestingPro Tips highlight that American Resources operates with a significant debt burden and may have trouble making interest payments on its debt. This is particularly relevant as the company emphasizes its focus on growth through non-dilutive capital. Additionally, the stock’s recent performance has been troubling, with an InvestingPro Tip indicating that the stock has taken a significant hit over the last week, which aligns with the volatility mentioned in the company’s statement.

From a data standpoint, AREC’s market capitalization stands at a modest $58.59 million, reflecting the size of the company in the broader market. The P/E Ratio (Adjusted) for the last twelve months as of Q1 2024 is -2.58, suggesting that the company is not profitable during this period. Moreover, the Revenue Growth for the same timeframe shows a sharp decline of -79.7%, underlining the challenges AREC faces in generating sales.

For investors looking to delve deeper into the financials and future prospects of American Resources, there are additional InvestingPro Tips available. These tips provide insights into aspects such as the company’s cash burn rate, gross profit margins, and valuation implications for its free cash flow yield. There are 17 additional tips listed on InvestingPro, which can be accessed to gain a more comprehensive understanding of AREC’s financial position and stock performance.

To explore these insights further, interested investors can take advantage of a special offer on a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24, which grants an additional 10% off.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Stock Markets

Hamas says it has not left ceasefire talks after Israeli attacks

letizo News



By Nidal al-Mughrabi and Maayan Lubell

CAIRO/JERUSALEM (Reuters) -A senior Hamas official said on Sunday that the Islamist group has not withdrawn from ceasefire talks with Israel after this weekend’s deadly attacks in Gaza that Israel said had targeted the group’s military leader Mohammed Deif.

But Izzat El-Reshiq, a member of the political office of Hamas, accused Israel of trying to derail efforts by Arab mediators and the United States to reach a ceasefire deal by stepping up its attacks in the enclave.

Saturday’s strike in the Khan Younis area of Gaza, in which at least 90 Palestinians were killed, according to local health authorities, has put the ceasefire talks in doubt.

There had been increasingly hopeful signs in recent days that a deal could be reached to halt fighting and return hostages held in Gaza.

Two Egyptian security sources at ceasefire talks in Doha and Cairo said on Saturday that negotiations had been halted after three days of intense talks.

Israeli Prime Minister Benjamin Netanyahu was expected to convene his close circle of ministers later on Sunday to discuss the talks.

The strike on Saturday which targeted Deif killed Rafa Salama, commander of Hamas’ Khan Younis brigade, the Israeli military said on Sunday, but there was no confirmation about the fate of Deif.

“The strike in Khan Younis was a result of surgical intelligence,” the head of the Shin Bet domestic security service said in a video released by the service from Rafah. He said 25 Hamas operatives who took part in the deadly Oct. 7 attack in southern Israel that triggered the war had been killed in the past week.

On Saturday, a senior Hamas official denied that Deif had been killed and the group said Israeli claims were aimed at justifying the attack.

Israel’s military chief said on Sunday in a televised statement that Hamas was concealing the truth about Deif’s fate, but stopped short of confirming whether he was alive or dead.

Israeli forces pressed ahead on Sunday with aerial and ground shelling of several areas across the Gaza Strip, home to 2.3 million people, most of whom have been displaced by the war.

A strike on a UN-run school in Nuseirat camp, one of Gaza’s eight longstanding refugee camps, killed 15 Palestinians and wounded dozens more, Hamas media and health officials said.

The Israeli military said the site was used as a base for Hamas fighters to attack Israeli forces and said numerous steps were taken to limit the risk of harming civilians, including the use of precise munitions and intelligence.

Residents said two missiles targeted the upper floor of the school, not far from the camp’s local market, usually busy with shoppers, where displaced families have also taken shelter nearby.

Earlier on Sunday, Israeli airstrikes on four houses in Gaza City killed at least 16 Palestinians and wounded dozens of others, medics said.

The Gaza health ministry said at least 38,584 Palestinians have been killed and 88,881 others injured in Israel’s military offensive since Oct. 7.

It added that 141 Palestinians were killed by Israeli military strikes across the Gaza Strip in the past day, the biggest one-day death toll in many weeks.

Gaza’s health ministry does not distinguish between combatants and non-combatants but officials say most of the dead throughout the war have been civilians.

© Reuters. FILE PHOTO: Palestinians gather near damage, following what Palestinians say was an Israeli strike at a tent camp in Al-Mawasi area, amid Israel-Hamas conflict, in Khan Younis in the southern Gaza Strip July 13, 2024. REUTERS/Mohammed Salem/File Photo

Israel says it has lost 326 soldiers in Gaza and says at least a third of the Palestinian fatalities are fighters.

The war began after a Hamas-led attack inside Israel on Oct. 7, that killed 1,200 people, mostly civilians, and saw around 250 taken hostage to Gaza, according to Israeli authorities.

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Stock Markets

Trump rally shooting victim died shielding family from bullets

letizo News



(Reuters) -The person shot and killed at former President Donald Trump’s rally in Pennsylvania on Saturday was a 50-year-old volunteer firefighter who shielded his family to protect them as gunshots rang out, the state’s Governor Josh Shapiro said on Sunday.

The victim was identified as Corey Comperatore, according to his family’s posting on Facebook (NASDAQ:).

“The PA Trump Rally claimed the life of my brother, Corey Comperatore. The hatred for one man took the life of the one man we loved the most,” the victim’s sister said in the post on Sunday.

Comperatore previously served as the chief of the Buffalo Township Volunteer Fire Department, according to a report by the Pittsburgh Post-Gazette.

Shapiro said he had spoken to Comperatore’s family and he relayed parts of the conversation to reporters.

“Corey died a hero. Corey dove on his family to protect them last night at this rally,” Shapiro said. “Corey was the very best of us.”

Comperatore was survived by a wife and two daughters. “Corey was a girl dad,” Shapiro said.

Shapiro added: “Corey was a firefighter. Corey went to church every Sunday. Corey loved his community and most especially Corey loves his family.”

Shapiro described the victim “as an avid supporter of the former president.”

© Reuters. A satellite image around Republican presidential candidate and former U.S. President Donald Trump's rally location in Butler, Pennsylvania, U.S.  June 2, 2023.  Maxar Technologies/Handout via REUTERS

Trump had just begun his speech at the Pennsylvania rally when the sound of shots rang out and it became apparent that Trump was also injured when a bullet grazed his right ear.

The FBI has identified 20-year-old Thomas Matthew Crooks of Bethel Park, Pennsylvania, as the suspect in what the government is calling an assassination attempt on Trump.

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Stock Markets

Google parent close to $23 billion deal to buy cybersecurity startup Wiz, WSJ reports

letizo News



(Reuters) – Google parent Alphabet (NASDAQ:) is in advanced talks to acquire cybersecurity startup Wiz for roughly $23 billion, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

A deal could come together soon, assuming the talks don’t fall apart, the report added.

© Reuters. FILE PHOTO: Small figurines are seen in front of displayed Alphabet logo in this illustration taken February 11, 2022. REUTERS/Dado Ruvic/Ilustration/File Photo

Google and Wiz did not immediately respond to a Reuters’ request for comment.

The U.S.-Israeli startup raised $1 billion in a private funding round in May, which values the four-year-old cloud cybersecurity company at $12 billion.

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