Up to $10,000,000 of stock is authorized to be repurchased at the discretion of management over the board
FISHERS, IN / ACCESSWIRE / August 29, 2022 / American Resources Corporation (NASDAQ:AREC) (“American Resources” or the “Company”), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that its Board of Directors has authorized a stock repurchase program (the “Share Repurchase Program”) for up to $10,000,000 of its shares of common stock outstanding.
Kirk Taylor, Chief Financial Officer of American Resources Corporation commented, “Our special committee has been evaluating numerous initiatives that it believes will maximize shareholder value in the short term, medium term and long term. This plan is a reflection of the confidence we have in the market opportunities for both American Carbon and ReElement Technologies divisions, and our strategy to invest for long-term growth, which we believe is not properly reflected in the current market valuation. We have the financial flexibility to continue to execute our business plans, and believe that launching this stock buyback program reflects our confidence in the prospects of the businesses and provides us an opportunity to create value for our long-term shareholders.”
Under the Shares Repurchase Program, the Company is authorized to repurchase shares through the open market, in privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws. The specific timing and total amount of future stock repurchases will be determined by business, market and economic conditions, cash flow requirements, corporate and regulatory requirements, prevailing stock prices, and other considerations. Repurchases may continue from time to time, as conditions permit, until the number of shares authorized to be repurchased have been acquired, or until the authorization to repurchase is terminated or expires, whichever occurs first.
The share repurchase authorization will be used at management’s discretion and will expire on September 15, 2023, unless further extended by the Board of Directors. The Share Repurchase Program may also be suspended, modified, or discontinued at any time and does not obligate the Company to acquire any amount of Class A common stock.
American Resources continues to focus on running efficient streamlined operations in being a new-aged supplier of raw materials to the infrastructure and electrification marketplace in the most sustainable of ways, while also helping the world achieve its goals of carbon neutrality. By operating with low or no legacy costs and having one of the largest and most innovative growth pipelines in the industry, American Resources Corporation works to maximize value for its investors by positioning its large asset base to best fit a new-aged economy, while being able to scale its operations to meet the growth of the markets it serves.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
