Company: TMCWW
Filing Date: 2025-06-18
Form Type: 8-K
Source: 0001104659-25-060347
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Company: TMC the metals Co Inc.
Filing Date: 2025-06-18
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into a Material Definitive Agreement.  

As previously disclosed, on
November 14, 2024, TMC the metals company Inc. (the “ Company”) entered into a securities purchase agreement, as amended
on November 26, 2024 (collectively, the “ Purchase Agreement”), with certain investors pursuant to which the Company agreed
to sell and issue, in a registered direct offering, an aggregate of 19,900,000 common shares of the Company, without par value (the “ Common
Shares”), and accompanying Class B warrants (the “ Class B Warrants”) to purchase an aggregate of 9,950,000
Common Shares at an exercise price of $2.00 per share (the Class B Warrants collectively with the Common Shares issued under the
Purchase Agreement and the Common Shares issuable upon exercise of the Class B Warrants, the “ Securities”).

On June 17, 2025, the
Company waived the limitation set forth in the Class B Warrants with respect to the cashless exercise thereof so that the holders
of the Class B Warrants may now exercise the Class B Warrants through a cashless exercise, whether or not a registration statement
registering the issuance of the Common Shares underlying the Class B Warrants under the Securities Act of 1933, as amended, is then
effective or available. As a result of the waiver, each Class B Warrant may now be immediately exercised by way of a cashless exercise,
meaning that the holder may elect to not pay a cash purchase price upon exercise and instead receive upon such exercise the net number
of Common Shares determined according to the formula set forth in the Class B Warrants, subject to the other terms and conditions
of the Class B Warrants. As of the date of this Current Report on Form 8-K, Class B Warrants to purchase an aggregate of
8,650,000 Common Shares remain outstanding and not exercised.

Considering our improved cash
position following the recently announced capital raises from strategic investors, the Company believes this waiver is in the best interest
of shareholders as it may reduce the amount of total common shares issued through warrant exercises.

The
Securities were offered and are being offered by the Company pursuant to the Company’s registration statement on Form S-3 (Reg.
No. 333-275822) previously filed with the U. S. Securities and Exchange Commission (the “ SEC”) on November 30, 2023