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TORONTO - Tungsten producer Almonty Industries Inc. (TSX:AII) (ASX:AII) (OTCQX:ALMTF), a $348.58 million market cap company with "GREAT" financial health according to InvestingPro analysis, has filed a registration statement with U.S. and Canadian regulators for a proposed public offering of common shares in the United States, according to a company press release.
The company has applied to list its shares on the Nasdaq Capital Market under the ticker "ALM" and has filed documentation with the Ontario Securities Commission and the U.S. Securities and Exchange Commission. Upon approval and commencement of Nasdaq trading, Almonty’s shares, currently trading near their 52-week high of $19.45, will cease trading on the OTCQX market while continuing to trade on the Toronto Stock Exchange, Australian Securities Exchange, and Frankfurt Stock Exchange.
Almonty intends to use proceeds from the offering primarily to fund development of a tungsten oxide facility and for working capital purposes. With a healthy current ratio of 1.98 and strong gross margins of 48%, the company appears well-positioned for expansion. The number of shares to be offered and price range have not yet been determined, with pricing expected to reflect market conditions at the time of the offering. InvestingPro subscribers can access detailed valuation metrics and 6 additional exclusive ProTips about Almonty’s financial outlook.
Oppenheimer & Co. and Cantor are acting as joint bookrunners for the offering, with D.A. Davidson & Co. as lead manager and Scotiabank as co-manager.
"We are pleased to announce our application to list on the Nasdaq concurrent with a U.S. public offering, helping us to secure our position as a leading supplier of tungsten to the U.S. and its allies," said Lewis Black, Chief Executive Officer of Almonty.
The registration statement has been filed but has not yet become effective, meaning the shares cannot be sold until the registration becomes effective.
Almonty currently operates the Panasqueira Mine in Portugal and is constructing the Sangdong Mine in South Korea. The company also has development projects in Spain. Analyst consensus suggests potential upside for the stock, with target prices ranging from $20 to $23 per share. For comprehensive analysis and detailed financial metrics, investors can access Almonty’s full Pro Research Report, available exclusively on InvestingPro.
In other recent news, American Integrity Insurance Group reported robust financial results for the first quarter of 2025. The company achieved earnings per share of $292.15 and total revenue of $212.15 million. Gross premiums written increased by 43.9% to $212.2 million, while net premiums earned rose by 66.5% to $65.4 million. The company’s loss ratio improved significantly to 30.9%, reflecting disciplined underwriting practices. Citizens JMP analysts reaffirmed American Integrity’s stock rating at Market Outperform, maintaining a price target of $23.00, following these strong results. The company’s book value also exceeded expectations, reaching $13.96, marking a 15% sequential increase. American Integrity is planning an expansion into Miami and Broward County by fall 2025, further strengthening its market presence. The company has also bolstered its reinsurance program to enhance financial resilience, with a coverage increase to $1.93 billion for single-event coverage and the issuance of $565 million in catastrophe bonds.
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