Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 130

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 130
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 or (b) there occurs any transaction resulting in a Change of Control with a valuation of the         
 Common Shares that is greater than or equal to $150.00 per Common Share;                                                                  |

| · | in the case of the Class H Special Shares, if (a) on any twenty (20) trading days within any thirty (30) trading day period,              
 the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that 
 is greater than or equal to $200.00, or (b) there occurs any transaction resulting in a Change of Control with a valuation of the         
 Common Shares that is greater than or equal to $200.00 per Common Share;                                                                  |

| · | in the case of the Class I Special Shares, if (a) on any twenty (20) trading days within any thirty (30) trading day period,              
 the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that 
 is greater than or equal to $50.00, or (b) there occurs any transaction resulting in a Change of Control with a valuation of the          
 Common Shares that is greater than or equal to $50.00 per Common Share; and                                                               |

| · | in the case of the Class J Special Shares, if (a) on any twenty (20) trading days within any thirty (30) trading day period,              
 the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that 
 is greater than or equal to $12.00, or (b) there occurs any transaction resulting in a Change of Control with a valuation of the          
 Common Shares that is greater than or equal to $12.00 per Common Share.                                                                   |

No fractional Common Share will be issued upon
the conversion of the Special Shares and no payment will be made to the holders of Special Shares in lieu thereof. Rather, the holders
of Special Shares shall be entitled to the number of Common Shares determined by rounding the entitlement down to the nearest whole number.

In the event that the Common Shares are at any
time sub-divided, consolidated, converted or exchanged for a greater or lesser number of shares of the same or another class, then appropriate
adjustments will be made in the rights and conditions attaching to the Special Shares so as to preserve in all respects the benefits of
the holders of Special Shares.

In the event of any merger, amalgamation, consolidation