TMC the Metals Co. Files 8-K: Material Agreement & Financial Obligation

TL;DR

TMC filed an 8-K for a new material agreement and financial obligation. Big moves ahead.

AI Summary

TMC the Metals Company Inc. entered into a material definitive agreement on August 16, 2024. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The company was formerly known as Sustainable Opportunities Acquisition Corp. and changed its name on January 2, 2020.

Why It Matters

This 8-K filing signals a significant new agreement and potential financial commitment for TMC the Metals Company, which could impact its future operations and financial standing.

Risk Assessment

Risk Level: medium — Material definitive agreements and financial obligations can introduce new risks related to performance, financing, and market conditions.

Key Players & Entities

• TMC the Metals Company Inc. (company) — Registrant
• Sustainable Opportunities Acquisition Corp. (company) — Former company name
• August 16, 2024 (date) — Date of report and earliest event
• January 2, 2020 (date) — Date of former company name change

FAQ

Key Financial Figures

• $11.50 — mon Share, each at an exercise price of $11.50 per share TMCWW The Nasdaq Stock Ma
• $27.5 million — mit of the Unsecured Credit Facility to $27.5 million in the aggregate. Under the terms of th
• $25 million — ent, the borrowing limit will return to $25 million in the aggregate upon certain financing

Filing Documents

• tm2415212d3_8k.htm (8-K) — 30KB
• tm2415212d3_ex10-1.htm (EX-10.1) — 16KB
• 0001104659-24-090521.txt ( ) — 270KB
• tmc-20240816.xsd (EX-101.SCH) — 4KB
• tmc-20240816_def.xml (EX-101.DEF) — 27KB
• tmc-20240816_lab.xml (EX-101.LAB) — 36KB
• tmc-20240816_pre.xml (EX-101.PRE) — 25KB
• tm2415212d3_8k_htm.xml (XML) — 6KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On August 16, 2024, in furtherance of TMC the metals company Inc.'s (the "Company") previously disclosed agreement in principle with Allseas Group S.A. ("Allseas"), the Company entered into the Third Amendment to the Unsecured Credit Facility with Argentum Cedit Virtuti GCV, a company related to Allseas, to increase the borrowing limit of the Unsecured Credit Facility to $27.5 million in the aggregate. Under the terms of the Third Amendment, the borrowing limit will return to $25 million in the aggregate upon certain financing events. The foregoing description of the Third Amendment does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the full text of the Third Amendment attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 is incorporated into this Item 2.03 by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Third Amendment to the Unsecured Credit Facility, dated August 16, 2024, by and between TMC the metals company Inc. Argentum Cedit Virtuti GCV 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Certain confidential portions of this Exhibit were omitted by means of marking such portions with brackets ("[***]") because the identified confidential portions (i) are not material and (ii) is the type of information that the Company treats as private or confidential.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TMC THE METALS COMPANY INC. Date: August 16, 2024 By: /s/ Craig Shesky Name: Craig Shesky Title: Chief Financial Officer 1

View Full Filing

View this 8-K filing on SEC EDGAR