TMC The Metals Company Inc. (TMC) Adds 24% Anew After Clinching $85-Million Investment
We recently published a list of These 10 Stocks Boast Double-Digit Gains Amid Boring Market. TMC the metals company Inc. (NASDAQ:TMC) is one of the best-performing stocks on Thursday.
TMC jumped by 24.29 percent on Wednesday to finish at $6.75 apiece as investors continued to load up positions following an $85.2 million fresh funds from a new investor.
In a statement, TMC the metals company Inc. (NASDAQ:TMC) said that it entered into a strategic agreement with South Korea-based Korea Zinc, a non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology company, for the acquisition of 19.6 million common shares at a price of $4.34 apiece.
The agreement also allows Korea Zinc to have a three-year warrant to purchase 6.9 million common shares with an exercise price per share of $7 apiece.
Upon closing, Korea Zinc will become one of TMC's largest strategic shareholders with ownership of approximately 5 percent of the company's outstanding common shares. It said the transaction is expected to close on June 26, 2025.
A tunneling machine underground, deep in the mine to extract the polymetallic nodules.
Korea Zinc is currently evaluating a bulk sample of nodule material supplied by The Metals Company USA, LLC (TMC USA) under an existing LOI, with its research and development team to validate intermediate processing and refining pathways and potential synergies through vertical integration.
While we acknowledge the potential of TMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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