Join our daily newsletter At The Bell to receive exclusive market insights
- Cadence Capital’s (CDM) DeepGreen Metals successfully merges with Sustainable Opportunities Acquisition Corporation and lists on the NASDAQ
- With the merger complete, the company will be renamed to “The Metals Company” and will list under the ticker code TMC
- TMC started trading on September 10 and closed its first day of trading at US$9.41 (approx. A$12.79) per share
- On the market, Cadence Capital is down 6.68 per cent and trading at $1.22 per share
Cadence Capital (CDM) investee company DeepGreen Metals has successfully merged with Sustainable Opportunities Acquisition Corporation and listed on the NASDAQ.
With the merger complete, the company will be renamed to “The Metals Company” and will list on the New York Exchange under the ticker code ‘TMC’.
TMC started trading on September 10 and closed its first day of trading at US$9.41 (approx. A$12.79) per share, giving it a market capitalisation of around US$2.2 billion (about A$3 billion).
Under the deal, Cadence Capital’s interest in DeepGreen was turned into TMC shares and warrants.
CDM Chairman Karl Siegling is excited to have been an early-stage shareholder in TMC.
“TMC is seeking to develop the world’s largest high-grade source of electric vehicle battery metals,” Mr Siegling said.
“The recovered (mined) polymetallic nodules are aiming to be produced at a low-cost relative to conventional mining and recovery methods and with significantly reduced social and environmental impact.”
Notably, TMC now represents 18 per cent of the net asset value of the company.
The board and management of CDM are considering a demerger of the TMC investment under which it would be listed on the ASX as a separate listed investment company.
“If the demerger were to be implemented, it is contemplated that eligible shareholders of CDM would receive one share in the separate company for each share they hold in CDM, and that company would be listed on the ASX as a separate listed investment company,” the company explained.
However, this proposal will need shareholder approval and the ASX agreeing to list the new company.
On the market, Cadence Capital is down 6.68 per cent and trading at $1.22 per share at 12:58 pm AEST.
