IperionX shares plunge on 2.2m share offering

The news: Shares in IperionX plummeted in morning trade after the titanium and critical minerals company announced an underwritten public offering of approximately 2.2 million American depositary shares (ADS).

Shares tumbled 18.8% to $3.27 at 11:06am AEST.

The context: The US-based company has priced its ADS at USD21.98 ($31.73) per security, with each ADS representing 10 ordinary shares, to raise aggregate gross proceeds of approximately USD50 million. The offer is expected to close on 9 July, subject to customary regulatory conditions.

IperionX said the proceeds will be utilised to commercialise and scale-up its titanium and metal alloy production technologies and the continued development of the Camden-Titan project in Tennessee.