Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 78

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 78
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 the first date on which the Common Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially
all the holders of Common Shares on account of such shares (or other securities into which the warrants are convertible), other than
(a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other
cash dividends and cash distributions paid on the Common Shares during the 365-day period ending on the date of declaration
of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding
cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Common Shares issuable
on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less
than $0.50 per share, or (c) to satisfy the redemption rights of the holders of Common Shares in connection with the Business
Combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the
amount of cash and/or the fair market value of any securities or other assets paid on each share of Common Shares in respect of such
event.

If the number of outstanding Common Shares is
decreased by a consolidation, combination, reverse share split or reclassification of share of Common Shares or other similar event,
then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of
Common Shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Common Shares.

Whenever the number of Common Shares purchasable
upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant
exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Common Shares
purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the
number of Common Shares so purchasable immediately thereafter.

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In case of any reclassification or reorganization
of the outstanding Common Shares (other than those described above