The Metals Company Amended Its At-market Equity Distribution Agreement On December 22, 2022; Company May Issue And Sell Its Common Shares From Time To Time, With Total Offering Value Of $30M
Portfolio Pulse from Charles Gross
The Metals Company (TMC) has amended its at-market equity distribution agreement, allowing for the potential issuance and sale of its common shares at various times, with a total offering value capped at $30 million, as disclosed in an 8K filing on December 22, 2022.
December 21, 2023 | 10:13 pm
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The Metals Company has amended its equity distribution agreement, which may lead to the sale of common shares worth up to $30 million.
The amendment to TMC's equity distribution agreement suggests potential dilution for existing shareholders as new shares may be issued and sold. This typically puts downward pressure on the stock price in the short term due to the increase in supply of shares and the dilution of existing equity.
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