BofA update shows where active managers are putting money
TEMPE, Ariz.—Robert M. Friedland, the Executive Chairman of Ivanhoe Electric Inc . (NYSE:IE), recently increased his indirect holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Friedland acquired 816,667 units of Ivanhoe Electric, each comprising one share of common stock and one public warrant, at a price of $5.85 per unit. The purchase comes as the stock trades near its 52-week low of $5.76, according to InvestingPro data.
The transaction, which took place on February 14, 2025, was executed through an entity wholly owned and controlled by Friedland, Ivanhoe Capital Pte Ltd. This acquisition brings his total indirect ownership to 1,436,303 shares, while his direct ownership remains at 9,337,000 shares. The company currently maintains a healthy liquidity position with a current ratio of 2.5x, though InvestingPro analysis indicates rapid cash consumption.
The public warrants included in the units are exercisable at a price of $7.00 per share, with provisions for adjustment as detailed in the company's prospectus supplement dated February 12, 2025. These warrants become exercisable immediately upon issuance and expire 12 months after the initial closing date of the offering.
Friedland's acquisition underscores his continued commitment to Ivanhoe Electric, a company engaged in the metal mining sector. Investors will be watching closely to see how this transaction influences the company's performance and stock value in the coming months.
In other recent news, Ivanhoe Electric Inc. has been active in raising funds through public offerings. The company successfully completed a $66 million public offering, selling units at $5.85 each, which included one share of common stock and a warrant to purchase an additional share at $7.00 per share. This offering, underwritten by BMO Capital Markets Corp., also saw the underwriter fully exercising its option to purchase additional units. Simultaneously, Ivanhoe Electric established a Warrant Agent Agreement with Computershare Inc. and Computershare Trust Company N.A., detailing terms for warrant registration, transfer, and exercise.
In addition to this, Ivanhoe Electric has disclosed plans for a $50 million underwritten public offering, with each unit consisting of one share of common stock and one warrant. The company will file a preliminary prospectus supplement with the Securities and Exchange Commission (SEC) in relation to this offering. As of December 31, 2024, Ivanhoe Electric held approximately $41.0 million in cash and cash equivalents, with $11.2 million allocated to non-wholly-owned subsidiaries.
These recent developments reflect Ivanhoe Electric's strategic efforts to secure additional capital, indicating its focus on growth initiatives. However, the specific uses for the proceeds have not been disclosed. Investors are advised to review the preliminary prospectus supplement for more detailed information once available.
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