Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2023material agreement● NeutralMajor
Following an inconclusive session of the International Seabed Authority on international seabed-mining rules, TMC gave a corporate update on its expected production timeline and costs, disclosed a new Exclusive Vessel Use Agreement and an amendment to its unsecured credit facility, and reported preliminary mid-2023 cash on hand.
TMC the metals Co Inc. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Maersk Supply Service A/S, A.P. Møller - Mærsk A/S, A. P. Møller Holding A/S, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene F reported a TMC the metals Co Inc. shareholding of 6,202,217 shares (2.20% of votes) in a periodic institutional filing.
TMC received a second Nasdaq minimum-bid-price deficiency notice after briefly regaining compliance in February 2023; its stock had again closed below $1.00 for 30 straight trading days.
TMC the metals Co Inc. Chief Development Officer Anthony O'sullivan acquired 443,500 shares and disposed of 243,223 in a set of related equity transactions.
Allseas Group S.A, Allseas Investments S.A, Argentum Cedit Virtuti GCV, Stichting Administratiekantoor Aequa Lance Foundation, Edward Heerema reported a TMC the metals Co Inc. shareholding of 46,130,268 shares (17.40% of votes) in a periodic institutional filing.
TMC's NORI subsidiary sold a 2% royalty on its Clarion-Clipperton Zone nodule project to Low Carbon Royalties for $5 million cash plus a 35% equity stake in Low Carbon Royalties, while retaining an option to buy back up to 75% of the royalty later.
TMC settled the final $10 million payment owed to its seafloor contractor Allseas for completing a pilot mining trial in its NORI license area by issuing Allseas 10.85 million shares at $1.00 each instead of cash.
Maersk Supply Service A/S, A.P. Møller - Mærsk A/S, A. P. Møller Holding A/S, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene F reported a TMC the metals Co Inc. shareholding of 18,915,654 shares (7.10% of votes) in a periodic institutional filing.