TMC (TMC) Ends 10% Lower After Successful Share Sale
TMC the metals company Inc. (NASDAQ:TMC) is one of 10 Stocks that Fell Off the Cliff.
TMC dropped its share prices by 10 percent on Tuesday to close at $5.94 apiece amid the broader market pessimism, and following the completion of Korea Zinc’s investment in the company.
Last month, TMC the metals company Inc. (NASDAQ:TMC) announced a strategic investment agreement with South Korea-based Korea Zinc, a non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology company, for the acquisition of 19.6 million common shares at a price of $4.34 apiece for $85 million.
Under the agreement, Korea Zinc was given a three-year warrant to purchase 6.9 million common shares with an exercise price per share of $7 apiece.
With the official closing, Korea Zinc is now one of TMC’s largest strategic shareholders with ownership of approximately 5 percent of the company’s outstanding common shares.
A tunneling machine underground, deep in the mine to extract the polymetallic nodules.
“Following the closings of these financings, the Company’s cash balance is approximately $122.8 million as of June 30, 2025,” TMC the metals company Inc. (NASDAQ:TMC) said.
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Disclosure: None. This article is originally published at Insider Monkey.
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