Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 97

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 97
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, U.S. Holders are urged to consult their tax
advisors regarding the tax consequences of a cashless exercise.

If the Company redeems public
warrants for cash or if the Company purchases public warrants in an open market transaction, such redemption or purchase generally will
be treated as a taxable disposition to the U.S. Holder, taxed as described above under “- Tax Consequences of Ownership and Disposition of Common Shares and Public Warrants - Sale, Taxable Exchange or Other Taxable Disposition of Common Shares and Public Warrants.”

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Adjustment to Exercise Price

Under Section 305 of
the Code, if certain adjustments are made (or not made) to the number of shares to be issued upon the exercise of a public warrant or
to the public warrant’s exercise price, a U.S. Holder may be deemed to have received a constructive distribution with respect to
the warrant, which could result in adverse consequences for the U.S. Holder, including the inclusion of dividend income (with the consequences
generally as described above under the heading “- Tax Consequences of Ownership and Disposition of Common Shares and Public Warrants - Dividends and Other Distributions on Common Shares”). The rules governing constructive distributions as a result
of certain adjustments with respect to a public warrant are complex, and U.S. Holders are urged to consult their tax advisors on the
tax consequences any such constructive distribution with respect to a public warrant.

Passive Foreign Investment Company Rules

The treatment of U.S. Holders
of Common Shares and public warrants could be materially different from that described above if the Company is treated as a PFIC for
U.S. federal income tax purposes.

If the Company is a PFIC
for any taxable year, U.S. Holders of Common Shares or public warrants may be subject to adverse U.S. federal income tax consequences
with respect to dispositions of, and distributions with respect to Common Shares, and may be subject to additional reporting requirements.

A non-U.S. corporation will
be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of its gross income in a taxable year, including
its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, is passive
income, or the Income Test or (ii) at least 50% of its assets in a taxable year (