TMC the metals Co Inc. (TMC) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 11.22% of current shares
Recent Dilution: 30.23% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
430M
Potential Supply
48M
Additional shares possible
Splits
None
Past 2 years

Summary

TMC currently has 426M outstanding shares. with limited dilution risk as only 47.8M additional shares (11.2%) are authorized for issuance. The company has significantly diluted shareholders by 30.23% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 425.8M shares outstanding

430M 48M
Nov 13, 2025

10-Q filing | 405.5M shares outstanding

410M 48M
Aug 14, 2025

10-Q filing | 366.6M shares outstanding

370M 48M
Aug 04, 2025

8-K filing: TMC the metals company Inc. subsidiary, Tonga Offshore Mining Limited, entered into a revised sponsorship agreement with the Kingdom of Tonga, and the Company issued to Tonga a warrant to purchase 1,000,000 common shares at an initial exercise price of $5.87 per share.

350M 48M
Jul 01, 2025

8-K filing: TMC the metals company Inc. completed a private placement with Korea Zinc Company, Ltd. and a registered direct offering with certain new and existing investors. ($122.2M proceeds)

350M 48M
Jun 18, 2025

8-K filing: TMC the metals company Inc. waived the cashless exercise limitation on its Class B warrants, potentially reducing the amount of common shares issued through warrant exercises. Additionally, 19,900,000 common shares were sold in a registered direct offering.

350M 48M
Jun 16, 2025

8-K filing: TMC the metals company Inc. entered into a Securities Purchase Agreement with Korea Zinc Company, Ltd. to issue and sell 19,623,376 common shares and a warrant to purchase up to 6,868,181 common shares at $4.34 per share and warrant, for gross proceeds of approximately $85.2 million. ($85.2M proceeds)

350M 48M
Jun 04, 2025

8-K filing: TMC the metals company Inc. entered into a revised sponsorship agreement with Nauru, issued a warrant to Nauru to purchase 9,146,268 common shares, and entered into a services agreement with Michael B. Hess involving restricted stock units and stock option awards; also adopted an amendment to its Articles regarding the registered office address.

350M 48M
May 14, 2025

10-Q filing | 345.3M shares outstanding

350M 48M
May 12, 2025

8-K filing: TMC the metals company Inc. entered into a securities purchase agreement to sell and issue 12,333,333 common shares and accompanying Class C warrants in a registered direct offering, with gross proceeds expected to be approximately $37,000,000. ($37.0M proceeds)

320M 48M
Mar 27, 2025

10-K filing | 321.9M shares outstanding

320M 48M
Nov 26, 2024

8-K filing: TMC the metals company Inc. entered into the First Amendment to Securities Purchase Agreement to increase the number of Common Shares and accompanying Class B Warrants issuable under the Purchase Agreement to new Purchasers by 2,400,000 Common Shares and accompanying Class B Warrants to purchase 1,200,000 Common Shares on the same terms and conditions as initially offered, with aggregate gross proceeds expected to be approximately $19,900,000. ($19.9M proceeds)

320M 48M
Nov 15, 2024

10-Q filing | 323.7M shares outstanding

320M 48M
Nov 15, 2024

8-K filing: TMC the metals company Inc. entered into a securities purchase agreement to sell and issue 17,500,000 common shares and accompanying Class B Common Share warrants in a registered direct offering, with gross proceeds expected to be approximately $17,500,000. ($17.5M proceeds)

320M 48M
Aug 14, 2024

10-Q filing | 320.9M shares outstanding

320M 48M
May 13, 2024

10-Q filing | 311.5M shares outstanding

310M 48M
Mar 25, 2024

10-K filing | 288.6M shares outstanding

290M 48M
Nov 30, 2023

S-3 filing: This is an S-3 filing registering an indeterminate number of common shares and preferred shares, an indeterminate principal amount of debt securities, an indeterminate number of warrants to purchase common shares, preferred shares or debt securities, and an indeterminate number of units, as shall have an aggregate initial offering price not to exceed $100,000,000.

290M 48M
Nov 09, 2023

10-Q filing | 294.6M shares outstanding

290M 78M
Aug 14, 2023

8-K filing: TMC the metals company Inc. entered into a securities purchase agreement to sell 13,461,540 common shares and accompanying Class A warrants in a registered direct offering, expecting gross proceeds of approximately $26.9 million. ($43.9M proceeds)

270M 78M
Aug 14, 2023

10-Q filing | 281.3M shares outstanding

280M 78M
Aug 01, 2023

8-K filing: The Company entered into an Exclusive Vessel Use Agreement with Allseas, issuing 4.15 million common shares to Allseas in consideration for the exclusive use of the _Hidden Gem_ in support of the development of the Project Zero Offshore System.

270M 78M
May 11, 2023

10-Q filing | 272.0M shares outstanding

270M 78M
Mar 27, 2023

POS AM filing: This is a POS AM filing for TMC the metals company Inc. relating to the issuance of common shares upon exercise of warrants and resale of common shares and warrants by selling securityholders.

270M 78M
Mar 27, 2023

10-K filing | 266.8M shares outstanding

270M 78M
Feb 22, 2023

8-K filing: TMC the metals company Inc. entered into a strategic partnership with Low Carbon Royalties Inc., contributing a 2% gross overriding royalty on its NORI project in exchange for a 35% common ownership interest in Low Carbon Royalties and US$5,000,000 cash.

270M 78M
Feb 17, 2023

8-K filing: TMC the metals company Inc. entered into a Fifth Amendment to Pilot Mining Test Agreement and Third Amendment to Strategic Alliance Agreement with Allseas Group S.A, issuing 10,850,000 common shares to Allseas at $1.00 per share to settle a $10 million payment. ($10.85M proceeds)

270M 78M
Nov 25, 2022

POS AM filing: This POS AM filing from TMC the metals company Inc. relates to the issuance of common shares upon the exercise of warrants and resale of common shares and warrants by selling securityholders.

270M 78M
Nov 14, 2022

10-Q filing | 239.7M shares outstanding

240M 78M
Oct 06, 2022

S-3/A filing: The filing is an S-3/A form indicating that the company may offer and sell securities from time to time in one or more offerings of up to $100 million in aggregate offering price. Also, selling shareholders may offer and resell from time to time up to 38,266,180 Common Shares.

230M 78M
Sep 16, 2022

S-3 filing: The filing is an S-3 form registering common shares, preferred shares and debt securities for potential sale, including shares offered by selling shareholders.

230M 170M
Aug 15, 2022

8-K filing: TMC the metals company Inc. entered into three securities purchase agreements for the private placement of an aggregate of 37,978,680 of the Company's common shares at prices between $0.80 and $0.9645 per share, resulting in gross proceeds of approximately $30.4 million.

230M 40M
Jul 01, 2022

POS AM filing: This is a POS AM filing providing information on the issuance of common shares upon exercise of warrants, as well as the resale of common shares and warrants by selling securityholders.

230M 40M
May 31, 2022

POS AM filing: This is a POS AM filing for TMC the metals company Inc. relating to the issuance of common shares upon exercise of warrants and resale of common shares and warrants by selling securityholders.

230M 9.5M
May 09, 2022

10-Q filing | 226.1M shares outstanding

230M 9.5M
Apr 14, 2022

POS AM filing: This POS AM filing from TMC the metals company Inc. details the offering of common shares upon exercise of warrants and resale of common shares and warrants by selling securityholders.

230M 9.5M
Mar 25, 2022

10-K filing | 204.9M shares outstanding

200M 310M
Nov 15, 2021

10-Q filing | 225.3M shares outstanding

230M 310M
Oct 07, 2021

S-1 filing: This S-1 filing includes information about the issuance of common shares upon the exercise of warrants, resale of common shares by selling securityholders, and resale of warrants by selling securityholders.

220M 310M
Sep 15, 2021

8-K filing: TMC the metals company Inc. reports unregistered sales of equity securities including the issuance of TMC Common Shares in exchange for DeepGreen Common Shares and options, Sponsor Earnout Shares for SOAC Common Shares, and TMC Common Shares to PIPE Investors, totaling $110,300,000 in gross proceeds. ($110.3M proceeds)

30M 9.5M
Aug 16, 2021

10-Q filing | 30.0M shares outstanding

30M 9.5M
May 25, 2021

10-Q filing | 30.0M shares outstanding

30M 9.5M
Mar 30, 2021

10-K filing | 30.0M shares outstanding

30M 9.5M
Nov 13, 2020

10-Q filing | 30.0M shares outstanding

30M 9.5M
Aug 12, 2020

10-Q filing | 1.3M shares outstanding

1.3M 9.5M
Jun 17, 2020

10-Q filing | 30.0M shares outstanding

30M 9.5M
May 08, 2020

8-K filing: Sustainable Opportunities Acquisition Corp. consummated its IPO of 30,000,000 units at $10.00 per unit and a private placement of 9,500,000 warrants to the Sponsor at $1.00 per warrant. ($309.5M proceeds)

8.6M 9.5M
May 01, 2020

S-1/A filing: Initial public offering of 30,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant.

8.6M 9.5M
May 01, 2020

S-1/A filing: The company will issue and sell 9,500,000 private placement warrants at a price of $1.00 per warrant for an aggregate purchase price of $9,500,000.

8.6M 9.5M
Mar 17, 2020

S-1 filing: Sustainable Opportunities Acquisition Corp. is offering 30,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant, in an initial public offering.

8.6M 40M
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