TMC the Metals Company Inc. Reports Material Definitive Agreement
Ticker: TMCWW · Form: 8-K · Filed: Sep 12, 2024 · CIK: 1798562
| Field | Detail |
|---|---|
| Company | Tmc The Metals Co Inc. (TMCWW) |
| Form Type | 8-K |
| Filed Date | Sep 12, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $11.50, $5 million, $2 million, $27.5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
TMC filed an 8-K on 9/9/24 for a material definitive agreement and financial obligation.
AI Summary
On September 9, 2024, TMC the Metals Company Inc. entered into a material definitive agreement and incurred a direct financial obligation. The company filed an 8-K report detailing these events, which are related to financial obligations and exhibits.
Why It Matters
This filing indicates new financial commitments or obligations for TMC the Metals Company Inc., which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into new definitive agreements and financial obligations can introduce new risks or alter existing ones for a company.
Key Players & Entities
- TMC the Metals Company Inc. (company) — Filer
- September 9, 2024 (date) — Date of earliest event reported
- Sustainable Opportunities Acquisition Corp. (company) — Former company name
FAQ
What type of material definitive agreement did TMC the Metals Company Inc. enter into?
The filing indicates the entry into a material definitive agreement but does not specify the nature of the agreement in the provided text.
What is the nature of the direct financial obligation incurred by TMC?
The filing states that a direct financial obligation was created, but the specific details of this obligation are not provided in the excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on September 9, 2024.
What was TMC the Metals Company Inc.'s former name?
TMC the Metals Company Inc.'s former name was Sustainable Opportunities Acquisition Corp.
What are the main items of information included in this 8-K filing?
The filing includes information on the entry into a material definitive agreement, the creation of a direct financial obligation, and financial statements and exhibits.
Filing Stats: 783 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2024-09-12 08:00:16
Key Financial Figures
- $11.50 — mon Share, each at an exercise price of $11.50 per share TMCWW The Nasdaq Stock Ma
- $5 million — ided a loan to the Company amounting to $5 million (the "Loan") on September 10, 2024, to
- $2 million — nt of all outstanding amounts under the $2 million short-term loan between the Company and
- $27.5 million — The interest rates are the same as the $27.5 million Unsecured Credit Facility Agreement, en
Filing Documents
- tm2423852d1_8k.htm (8-K) — 33KB
- tm2423852d1_ex10-1.htm (EX-10.1) — 78KB
- 0001104659-24-099119.txt ( ) — 346KB
- tmc-20240909.xsd (EX-101.SCH) — 4KB
- tmc-20240909_def.xml (EX-101.DEF) — 27KB
- tmc-20240909_lab.xml (EX-101.LAB) — 36KB
- tmc-20240909_pre.xml (EX-101.PRE) — 25KB
- tm2423852d1_8k_htm.xml (XML) — 6KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On September 9, 2024, TMC the metals company Inc. (the "Company") entered into a working capital loan agreement (the "Loan Agreement") with Allseas Investments SA (the "Lender"), a company related to Allseas Group SA. In accordance with the Loan Agreement, the Lender provided a loan to the Company amounting to $5 million (the "Loan") on September 10, 2024, to be used towards general corporate purposes and the repayment of all outstanding amounts under the $2 million short-term loan between the Company and Argentum Cedit Virtuti GCV ("Argentum"), a company related to Allseas Group SA, which matured on September 10, 2024. The Loan and accrued interest thereon are payable to the Lender on or before the earlier of (i) the occurrence of certain events and(ii) April 1, 2025 (the "Repayment Date"). The Loan accrues interest at a rate of USD Interest Market Rate (as defined in the Loan Agreement) and a margin of 4.0% per annum, payable in two installments (or plus 5.0% if interest payments are deferred to the Repayment Date, at the Company's election). The interest rates are the same as the $27.5 million Unsecured Credit Facility Agreement, entered into on March 22, 2023, as amended, between the Company and Argentum, which remains undrawn as of the date of filing this Current Report on Form 8-K. The foregoing description of the Loan Agreement 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 Loan Agreement 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 Working Capital Loan Agreement, dated September 9, 2024, by and between TMC the metals company Inc. and Allseas Investments SA 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: September 12, 2024 By: /s/ Craig Shesky Name: Craig Shesky Title: Chief Financial Officer