Ramaco Resources, Inc. (NASDAQ: METC, METCB) has declared dividends for the fourth quarter of fiscal year 2024 for both its class A and class B common shares. The dividends will be issued on December 16, 2024, to shareholders of record on December 2, 2024.
The company's board approved and declared the quarterly class A common stock dividend of $0.1375 per share of class A common stock. This payment will occur in the form of class B shares, with class A holders receiving a number of shares of class B common stock for each share of class A common stock, determined by dividing $0.1375 by the closing transaction price of the class B common stock on December 2, 2024.
Additionally, the board approved and declared the quarterly class B common stock dividend of $0.2364 per share of class B common stock, also payable on December 16, 2024, to shareholders of record on December 2, 2024. Similarly, this payment will occur in the form of class B shares, with class B holders receiving a number of shares of class B common stock for each share of class B common stock, determined by dividing $0.2364 by the closing transaction price of the class B common stock on December 2, 2024.
In addition, the company has seen an increasing amount of interest in its class B shares from investors as it has executed on its met coal production growth platform and hopes to soon move forward with the development of its critical mineral assets.
The company's executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia, and Sheridan, Wyoming. Ramaco Resources, Inc. currently has four active metallurgical coal mining complexes in central Appalachia and one development rare earth and coal mine near Sheridan, Wyoming in the initial stages of production. In 2023, the company announced the discovery of a major deposit of primary magnetic rare earths and critical minerals at its mine near Sheridan, Wyoming.
The company holds a body of roughly 60 intellectual property patents, pending applications, exclusive licensing agreements, and various trademarks.
No fractional shares will be issued in connection with the stock dividends, and in lieu of the issuance of fractional shares, the company will pay in cash on the payment date the fair value of the fractions of a share issuable, determined as of the close of NASDAQ on the record date, based upon the closing transaction price per share of the class B common stock reported by NASDAQ on that date. The market has reacted to these announcements by moving the company's shares 0.1% to a price of $12.51. If you want to know more, read the company's complete 8-K report here.
