Metals Company updates on holders of Class B warrants exercise option

In a regulatory filing, the company stated: “As previously disclosed, on November 14, 2024, TMC the metals company (TMC) Inc. entered into a securities purchase agreement, as amended on November 26, 2024, with certain investors pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of 19,900,000 common shares of the Company, without par value, and accompanying Class B warrants to purchase an aggregate of 9,950,000 Common Shares at an exercise price of $2.00 per share. On June 17, 2025, the Company waived the limitation set forth in the Class B Warrants with respect to the cashless exercise thereof so that the holders of the Class B Warrants may now exercise the Class B Warrants through a cashless exercise, whether or not a registration statement registering the issuance of the Common Shares underlying the Class B Warrants under the Securities Act of 1933, as amended, is then effective or available. As a result of the waiver, each Class B Warrant may now be immediately exercised by way of a cashless exercise, meaning that the holder may elect to not pay a cash purchase price upon exercise and instead receive upon such exercise the net number of Common Shares determined according to the formula set forth in the Class B Warrants, subject to the other terms and conditions of the Class B Warrants. As of the date of this Current Report on Form 8-K, Class B Warrants to purchase an aggregate of 8,650,000 Common Shares remain outstanding and not exercised. Considering our improved cash position following the recently announced capital raises from strategic investors, the Company believes this waiver is in the best interest of shareholders as it may reduce the amount of total common shares issued through warrant exercises.” Shares are up 8.6% in pre-market trading.