DeepGreen Metals Inc. and special purpose acquisition company Sustainable Opportunities Acquisition Corp. on Thursday said they completed their previously announced business combination, which will see the combined company’s shares trade on the Nasdaq.
The companies said shares of the combined company, The Metals Co. Inc., will begin trading on the Nasdaq Global Select Market under the symbols “TMC” on Sept. 10., adding warrants will trade under the symbol “TMCWW.”
The Metals Co. said it plans to “produce battery metals from high-grade polymetallic nodules found on the seafloor in the international waters of the Clarion-Clipperton Zone.”
Gerard Barron, the chairman and chief executive of The Metals Co., said: “”If you read the latest reports from the Intergovernmental Panel on Climate Change and the International Energy Agency, it’s clear that the transition to clean energy simply cannot happen at scale and on the schedule needed to keep global warming at bay without urgent, large-scale investment in the upstream production of critical metals.”
The Metals Co. said it received $137.5 million of gross cash proceeds from the business combination.