Rare earths firm REalloys slides after unveiling stock offering following US defense contract win

Rare earths co REalloys Inc's ALOY.O shares down 7.3% post-market to $20.10 as it seeks equity just days after receiving Pentagon funding

Ohio-based ALOY announces proposed stock offering without disclosing deal size

It intends to use net offering proceeds for working capital and general corporate purposes

Co early Mon said it was awarded a U.S. Department of Defense contract worth up to $1.7 mln to fund design of a processing facility for metals used to make magnets for weapons and electronics

ALOY, which began trading on Feb 25 on Nasdaq after merging with Blackboxstocks, required to develop engineering schematics for a modular version of the facility

ALOY stock finished down 16.2% at $21.69 on Thurs

Co has ~57.1 mln shares outstanding for $1.2 bln market cap, per the offering prospectus

Clear Street lead bookrunner, joined by Needham as joint bookrunner for proposed offering