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USA Rare Earth shares rallied on Monday after the critical minerals startup announced that the Department of Commerce will take an equity stake.
Commerce has issued a letter of intent that would provide USA Rare Earth with a $1.3 billion loan and $277 million in federal funding.
USA Rare Earth will issue Commerce 16.1 million shares of common stock and 17.6 million in warrants. Its stock soared more than 20% in premarket trading after the announcement Monday.
The agreement is subject to finalization of agreements and approvals.
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