secwatch.observer — SEC 8-K summary
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Issuer:     TMC the metals Co Inc. (TMC)
CIK:        0001798562
Form:       8-K
Filed at:   2024-11-14T23:59:59+00:00
Accession:  0001104659-24-119254
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TMC Q3 net loss $20.5M ($0.06/share), registers $17.5M offering; NORI targets June 2025 ISA application
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- Net loss of $20.5M ($0.06/share) vs $12.5M ($0.04) in Q3 2023.
- Registered direct offering raised min $17.5M at $1.00/share, 50% warrant coverage at $2.00/share, led by largest non-affiliate institutional holder.
- NORI sets June 27, 2025 for ISA exploitation application; expects quarterly cash use <$5M during application review.
- Cash at Sep 30, 2024: $0.4M; total liquidity ~$63M including $17.5M offering proceeds and $10.5M increase in credit facilities.
- Exploration expenses $11.8M (up from $7.9M), G&A $8.1M (up from $4.6M), driven by share-based comp and personnel.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1798562/000110465924119254/0001104659-24-119254-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1798562/000110465924119254/tm2422285d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-119254

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