Company: TMCWW
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047373
Chunk: 1

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 1.01
Chunk 1
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 upon issuance and will expire
three years from the date of the Purchase Agreement. The Class C Warrants are subject to adjustment in the event of certain
share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting the Common Shares
upon any distributions for no consideration of assets to the Company’s shareholders. The Company may also repurchase the
Class C Warrants for $0.0001 per Common Share underlying the Class C Warrants if the volume weighted average price for the
Common Shares for each trading day in a 20-consecutive trading day period exceeds $7.00 per share. In the event of certain corporate
transactions, the holders of the Class C Warrants will be entitled to receive, upon exercise of the Class C Warrants, the
kind and amount of securities, cash or other property that the holders would have received had they exercised the Class C
Warrants immediately prior to such transaction. Each holder of a Class C Warrant will not have the right to exercise any
portion of its Class C Warrant if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or 9.99%
or 19.99% at the election of a holder prior to the date of issuance) of the number of Common Shares outstanding immediately after
giving effect to such exercise (the “ Common Warrant Beneficial Ownership Limitation”); provided, however, that upon 61
days’ prior notice to the Company, the holder may increase the Common Warrant Beneficial Ownership Limitation, but not to
above 9.99%, or 19.99% with the Company’s approval. The Class C Warrants do not entitle the holders thereof to any voting
rights or any of the other rights or privileges to which holders of Common Stock are entitled.

The
Class C Warrants are not listed, and the Company does not intend to list the Class C Warrants, for trading on the Nasdaq Global
Select Market or any other national securities exchange or any other nationally recognized trading system.

The
Purchase Agreement contains customary representations, warranties, covenants and agreements by the Company, including Company customary
conditions to closing, indemnification obligations, other obligations of the parties and termination provisions. The representations,
warranties and covenants contained in the Purchase Agreement was made only for purposes of the Purchase Agreement and as of specific dates,
were solely for the benefit of the parties to the Purchase Agreement and may be subject