Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 128

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 128
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as a “group” (as defined in Section 13(d)(3) of the Exchange Act), directly or indirectly, acquires or otherwise
purchases (i) the Company or (ii) all or a material portion of assets, businesses or our Equity Securities (as defined below)
or (y) that results, directly or indirectly, in our shareholders as of immediately prior to such transaction holding, in the aggregate,
less than 50% of the voting Equity Securities immediately after the consummation thereof (excluding, for the avoidance of doubt, any Special
Shares and the Common Shares issuable upon conversion thereof) (in the case of each of clause (x) and (y), whether by amalgamation,
merger, consolidation, arrangement, tender offer, recapitalization, purchase or issuance of Equity Securities or otherwise), and “Equity
Securities” shall refer to Common Shares, the preferred shares, Special Shares or any other class of shares or series thereof in
our capital or similar interest us (including any stock appreciation, phantom stock, profit participation or similar rights), and any
option, warrant, right or security (including debt securities) convertible, exchangeable or exercisable therefor.

The Special Shares will automatically convert
into Common Shares on a one (1) for one (1) basis (unless adjusted as described below) upon the occurrence of the following
events:

| · | in the case of the Class A 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 $15.00, 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 $15.00 per Common Share;                                                                   |

| · | in the case of the Class B 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 $25.00, 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 $25.00 per Common Share;                                                                   |

| · | in the case of the