|Ramaco's Free Public Stock Float Increases From 34% to 50%|
LEXINGTON, Ky., March 25, 2022 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco," the "Company" or "we") announced that it was notified by Energy Capital Partners Mezzanine Opportunities Fund, LP, Energy Capital Partners Mezzanine Opportunities Fund A, LP and ECP Mezzanine B (Ramaco IP), LP (collectively, "ECP") that yesterday ECP filed a Form 4 with the Securities and Exchange Commission stating it has now completed its distribution of approximately 5.5 million shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"). This is consistent with the Company's expectation as laid out in our January 3, 2022 press release announcing the resignation of two ECP senior members from our Board of Directors.
We have also been advised that Yorktown Energy Partners IX, L.P. ("Yorktown") made a distribution of approximately 1.35 million shares of Common Stock owned by various Yorktown partnerships on March 3, 2022 to their limited partners.
As a result of the distributions referenced above, the free float of our Common Stock has now effectively increased from 34% as of December 31, 2021 to 50% as of the date of this filing.
Randall Atkins, Ramaco's Chairman and Chief Executive Officer noted that "Since we became public just over five years ago, we have received frequent investor comment that the amount of our stock publicly available to trade was constrained by the large majority institutional ownership of our original private equity sponsors. Both funds invested into the Company before our original public offering from legacy funds which are now in the process of making end of fund limited partnership distributions. We view the distributions by both ECP and Yorktown as a positive long-term evolution for the Company. Ramaco is both increasing our overall public stock float, while reducing the previous institutional investor control positions.
We are grateful for the support, guidance, and investment which both funds made into Ramaco over the years. We are also gratified that we understand both groups have enjoyed a highly successful return on their investment. In the future, we look forward to all our shareholders enjoying their own investment success in our Company as we continue to profitably grow."
Ramaco is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. For more information, visit www.ramacoresources.com.
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SOURCE Ramaco Resources, Inc.
|3/25/2022 8:00:00 AM