Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 77

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 77
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 the permitted transferees of Sustainable Opportunities
Holdings LLC would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula
described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants
on a cashless basis, as described in more detail below.

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A holder of a warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent
that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual
knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Common Shares issued and outstanding
immediately after giving effect to such exercise.

Anti-dilution Adjustments

If the number of outstanding Common Shares is
increased by a capitalization or share dividend payable in Common Shares, or by a split-up of common shares or other similar event,
then, on the effective date of such capitalization or share dividend, split-up or similar event, the number of Common Shares issuable
on exercise of each warrant will be increased in proportion to such increase in the outstanding common shares. A rights offering made
to all or substantially all holders of common shares entitling holders to purchase Common Shares at a price less than the “historical
fair market value” (as defined below) will be deemed a share dividend of a number of Common Shares equal to the product of (i) the
number of Common Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for Common Shares) and (ii) one minus the quotient of (x) the price per Common Shares
paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for
securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Common Shares, there
will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii) “historical fair market value” means the volume weighted average price of Common Shares as reported during
the 10 trading day period ending on the trading day prior to