Modern Mining makes NYSE American debut
Shares trading following the metals recycler's $40 million IPO.
Shares of Modern Mining commenced trading on the NYSE American on Friday, marking the successful completion of its initial public offering (IPO) valued at approximately $40 million. The company specializes in recovering gold, silver, copper, palladium, and other valuable metals from electronic waste through a proprietary aqueous-based process.
Modern Mining is poised to commercialize its electronic waste processing technology as the United States seeks to maintain greater control over critical mineral-bearing resources and lessen dependence on overseas supply chains.
CEO Jeet Basi expressed optimism about the company's growth prospects in a press release, stating, "The world needs more gold, silver, copper and other critical metals, but traditional mines take years to move into production and require significant capital. We start with valuable metals that are already above ground, sitting inside the electronics the world throws away every day.
Our feedstock already exists. Our process has been successfully demonstrated." Basi further highlighted the significance of Modern Mining's NYSE American listing, which provides a robust platform to pursue substantial opportunities in metals recovery and enables the utilization of IPO capital to expand capacity and process larger quantities of material.
On the debut day, Modern Mining's stock closed on the NYSE American down 3.5%. The company's market capitalization stands at $36.1 million.
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