FISHERS, IN / ACCESSWIRE / June 14, 2024 / American Resources Corporation's (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, responds to recent market volatility in its stock price and false information posted in certain online chat rooms stating American Resources Corporation is issuing 20 million shares at 48 cents per share.
Mark Jensen, Chief Executive Officer of American Resources states, "We find it highly disturbing and damaging to our shareholders that individuals or hedge funds with ulterior motives will put out false information to drive our stock price down at the expense of our shareholders. We can definitively state that the recent comments alleging American Resources is raising equity capital at 48 cents are entirely false. Such comments are nefarious, manipulative and damaging to our stockholders. We have notified our counsel and are filing a complaint with the SEC and NASDAQ to investigate the posts that have been made and the resulting trading activity in American Resources Corporation's common stock. We also believe naked short selling is systemic in the market and we hope the regulators investigate such activities and the use of false information to manipulate stock prices."
Mr. Jensen further added, "It is widely known that certain types of traders and hedge funds will front run certain deals in the market. These types of traders and hedge funds are looking to utilize non-public information and profit off of it at the expense of investors and retail shareholders. Often, this activity includes naked short selling before a deal is publicly announced, then cover their short position in a deal through the issuance of new shares. In the instance of our stock price, it appears certain traders or hedge funds believed we were looking to raise money over the last two days based on false and misleading information posted in online chat rooms and attempted to front run such information and speculative activity. We can reiterate today that we are not raising money at the American Resources level, as we have stated publicly, and are focused on growing our business through alternative methods of nondilutive capital based on our unique asset base and future cash flow. Furthermore, we believe all divisions of the Company continue to execute extremely well to leverage are unique set of assets, intellectual property, team and partnerships in creating attractive value for our great group of long-term shareholders. We couldn't be more excited in how each of our divisions are positioned today and believe our focus on executing the businesses will ultimately dictate share price. It is unfortunate that these recent activities based on false and nefarious information requires us to momentarily shift such focus, and we hope these activities are investigated and those responsible are punished to the fullest extent of the law."
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.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com
RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com
SOURCE: American Resources
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