EXCLUSIVE: Impossible Metals CEO Says Presale Agreements 'Quite Attractive' For Funding Deep-Sea Projects Vs. IPO
Portfolio Pulse from Matt Whittaker
Impossible Metals, a private company developing ocean floor mining technology, is considering offtake agreements over an IPO to fund its operations. The company aims to build and test a full-sized robot by 2027 and needs $23 million in venture capital for initial testing and staffing. The Metals Company (NASDAQ:TMC), a competitor, has expressed skepticism about Impossible Metals' technology.
July 22, 2024 | 8:43 pm
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The Metals Company (NASDAQ:TMC) has expressed skepticism about Impossible Metals' technology, which could impact investor sentiment. TMC uses dredging technology and is closer to production.
TMC's skepticism about a competitor's technology could position it more favorably in the eyes of investors, especially since TMC is closer to production. This could lead to a short-term positive impact on TMC's stock price.
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