Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 147

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 147
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 price will be reduced as specified
in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise
price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise
period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

The warrants are issued in registered form under
a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision
or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and
the warrant agreement set forth in SOAC’s prospectus for its initial public offering, but requires the approval by the holders of
at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders.
You should review a copy of the warrant agreement, which is filed as an exhibit to the registration statement of which this prospectus
is a part, for a complete description of the terms and conditions applicable to the warrants.

The warrant holders do not have the rights or
privileges of holders of Common Shares and any voting rights until they exercise their warrants and receive Common Shares.

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No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number the number of Common Shares to be issued to the warrant
holder.

Warrant Agent and Registrar

The warrant agent for our public warrants is Continental Stock Transfer &
Trust Company.

Stock Exchange Listing

Our public warrants are listed for trading on the Nasdaq Global Select
Market under the symbol “TMCWW”.

Private Placement Warrants

As of November 28, 2023, there were
9,500,000 private placement warrants outstanding held of record by 32 holders. The private placement warrants (including the Common Shares
issuable upon exercise of the private placement warrants) were not transferable, assignable or salable until October 9, 2021, except
pursuant to limited exceptions to our officers and directors and other persons or entities affiliates with the initial purchasers