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  "documentTitle": "MP Materials | SPAC Presentation Deck | 49 slides",
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  "presentationDate": "2020-07-01 00:00:00",
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  "notes": "Slide 8 of a pitch deck, detailing financial terms of a SPAC transaction.",
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      "text": "MP Materials and Fortress Value Acquisition Corp. have executed definitive agreements to enter into a business combination. It is anticipated that the post-closing public company will be a Delaware corporation, retain the MP Materials name, and be listed on the NYSE. The Transaction is expected to be funded by a combination of $345MM cash held in trust at FVAC and $200MM in committed PIPE proceeds. Transaction is expected to result in $525MM of net cash to fully fund the MP growth strategy. Proceeds will be utilized to complete refinery retrofit and fund downstream expansion strategy to return magnet manufacturing to the United States. New and existing shareholders aligned in maximizing value with FVAC's founder shares subject to vesting pursuant to an earn-out and the potential for issuance of incentive shares to existing target shareholders, in each case, subject to the achievement of certain share price performance hurdles.",
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      "text": "Transaction implies a pre-transaction Enterprise Value (cash-free / debt-free) of ~$1,000MM and a post-transaction Equity Value of approximately ~$1,473MM. Represents a material discount to public peers and retains significant valuation upside for anchor investors. Existing MP shareholders expected to retain 62.4% of the pro forma equity. No monetization or sell-down expected by existing shareholders. MP management expected to own over 12% of the pro forma company, and expects to remain long-term holders given their conviction in the prospects and valuation upside of the business.",
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      "text": "Notes: 1. Subject to reduction to the extent cash available after the transaction is less than $345MM. 2. Does not include off-take advances from Shenghe. 3. Represents economic interests, excluding public warrants, unvested Sponsor Promote Shares and Seller Incentive Shares. Including unvested Sponsor Promote Shares, Sponsor holds a 6.1% voting interest, diluting other shareholders' voting interests on a pro rata basis; assumes $10.00/share market value, and no redemptions. 4. Equity value excludes unvested Sponsor Promote Shares and is pro forma for exchange of each Sponsor private placement warrant for 0.15 of a common share, resulting in the exchange of 5,933,333 warrants into 890,000 newly created Class F shares.",
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      "text": "EXECUTIVE SUMMARY: PROPOSED TRANSACTION",
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