Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 144

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 144
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 over the exercise price of the
warrants by (y) the fair market value and (B) 0.365. The “fair market value” will mean the average closing price
of the Common Shares for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of Common Shares to be received upon exercise of the warrants, including the “fair market value”
in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of
the warrants after our initial business combination. If we call our warrants for redemption and our management team does not take advantage
of this option, 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.

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