In New York last Friday, Briggs & Veselka client Ramaco Resources, Inc. (NASDAQ: METC) completed an initial public offering of its common stock and began trading on the NASDAQ Global Select Market – one of the few companies in the coal industry to do so in recent years. The listing comes after a Form S-1 Securities and Exchange Commission filing late last year, which indicated the IPO was an effort to raise funds to fully develop the company’s projects. According to the filings, the company plans to spend $106.5 million through December 31, 2018 to optimize an estimated 240 million tons of recoverable low cost metallurgical coal reserves at its four properties in central and southern West Virginia, southwestern Virginia, and southwestern Pennsylvania.
“We are proud of Ramaco’s IPO and that our SEC team could assist with the process, working with management, private equity investors, underwriters, and counsel in this successful offering,” said Briggs & Veselka Managing Shareholder John Flatowicz. “It is a testimony to the skills and efforts of our SEC audit partners,” he added.
“Briggs & Veselka has been an excellent resource in helping us through the IPO process, challenging us when necessary, and being a very proactive partner,” said Marc Solochek, CFO of Ramaco. “We expect to achieve 4.4 million tons of low-cost coal production in the next few years— positioning us well to take advantage of recent increases in metallurgical coal prices and supply disruptions within the industry,” said Solochek.
Ramaco Resources has a market-cap of $527 million based on the completed offering. Credit Suisse, Jefferies, and BMO Capital Markets were the lead underwriters on the deal.
About Ramaco Resources, Inc.
Ramaco is an operator and developer of high-quality, low cost metallurgical coal in central and southern West Virginia, southwestern Virginia, and southwestern Pennsylvania.
About Briggs & Veselka Co. CPAs
Briggs & Veselka is the fourth largest independent accounting firm in Texas, with offices in Houston, San Antonio, and El Campo. Founded in 1973, the firm provides audit, tax, and business advisory services to growing companies in 12 industry sectors. The firm also provides outsourced accounting, transaction advisory, forensic accounting, valuations, and international tax services, and is among the top 1% of accounting firms in terms of the number of employee benefit plans it audits, with total asset value in excess of $5 billion.