secwatch.observer — SEC 8-K summary
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Issuer:     TMC the metals Co Inc. (TMC)
CIK:        0001798562
Form:       8-K
Filed at:   2024-03-25T23:59:59+00:00
Accession:  0001104659-24-038460
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TMC restates Q1-Q3 2023 financials; Q4 net loss $33.5M, FY loss $73.8M
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- Audit committee concludes Q1-Q3 2023 financials should be restated; NORI royalty transaction reclassified as debt, not gain.
- Restatement had no impact on annual 2023 audited financials or cash; adjusts gain by $13.75M, adds $14M royalty liability.
- Q4 2023 net loss $33.5M ($0.11/share) vs $109.6M ($0.41) YoY; full year net loss $73.8M ($0.26) vs $171M ($0.71).
- Cash $6.8M at Dec 31; pro forma liquidity ~$61M including new $20M credit facility from largest shareholder.
- NORI-D first production now expected Q1 2026; binding MoU with PAMCO to process 1.3M wet tonnes of nodules.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1798562/000110465924038460/0001104659-24-038460-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1798562/000110465924038460/tm249627d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-038460

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