TMC the metals Co Inc. (TMC) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
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
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 |