What Happened to TMC the metals Co?
Ticker: TMCSPAC Year: 2020
Return
-49.4%
Current Price
$5.42
Peak Price
$15.39
Trust Size
$176M
Summary
TMC The Metals Company is developing the world's largest estimated source of critical battery metals â polymetallic nodules on the ocean floor in the Pacific Ocean. The company went public via SPAC merger with Sustainable Opportunities Acquisition Corp in 2021.
What Happened
Sustainable Opportunities Acquisition Corp merged with TMC in September 2021 at a ~$2.9 billion valuation. The deep-sea mining company has faced regulatory uncertainty and environmental opposition as it seeks permission to mine the seafloor. The stock has declined significantly from its SPAC price but TMC continues to pursue its mining claims. It was misclassified as bankrupt.
Timeline
2020-05-01
S-1 Registration Filed