Business Context and Reporting Period
This Form 8-K Current Report was filed by Ramaco Resources, Inc. on February 2, 2022. The Company is incorporated in Delaware and trades on the NASDAQ Global Select Market under the symbols METC (Common Stock) and METCL (9.00% Senior Notes due 2026). The filing addresses corporate governance actions regarding the Company's Long-Term Incentive Plan.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on a corporate action rather than periodic financial performance results.
Material Changes
The Board of Directors amended the Company's Long-Term Incentive Plan with the following changes:
- Share Increase: The number of shares of common stock issuable under the Plan was increased from 6,937,425 to 10,937,425 shares.
- Expiration Extension: The Plan's expiration date was extended to 2032.
- Approval: The amendment was approved by written consent from major shareholders representing approximately 51.29% of the voting power, including Yorktown Energy Partners IX, X, and XI, L.P., and various Energy Capital Partners funds.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, management outlook, or specific risk factors. It notes that the Plan allows for various awards including stock options, restricted stock, and cash awards, but specific amounts and types of future grants remain at the discretion of the Board's Compensation Committee and cannot be determined at this time.
Investor Verification Checklist
- Verify the total authorized share count increase of 4,000,000 shares under the amended Long-Term Incentive Plan.
- Confirm the new expiration date of the Plan is set for 2032.
- Review the full text of the "First Amendment to the Ramaco Resources, Inc. Long-Term Incentive Plan" filed as Exhibit 10.1 for specific terms.
- Note that this filing does not contain financial performance data; refer to the most recent 10-K or 10-Q for financial metrics.