What's Going On With The Metals Company (TMC) Stock Today?

The Metals Company Inc TMC shares are trading higher Monday after the company announced a registered direct offering at $2 per share plus warrants.

What Happened: The Metals Company announced a registered direct offering of $2 per share, representing an 82% premium to the stock's closing price on Aug. 11, led by ERAS Capital, Allseas and several institutional investors. 

The transaction includes one warrant for every two common shares purchased with a strike price of $3 per share. Gross proceeds of the offering are expected to be approximately $27 million.

"Raising capital in volatile markets is not an easy task. However, the size, the quality and the value of our resource portfolio combined with the determination of our team to responsibly develop this resource have helped us attract a diverse range of shareholders who recognize the significant upside of this asset," said Gerard Barron, chairman and CEO of The Metals Company.

TMC also provided a second-quarter update. The company said it anticipates a net loss of $14.1 million, or 5 cents per share, for the second quarter. TMC had a total cash position of approximately $20 million as of June 30. 

Following the registered direct offering, TMC said it believes it will have sufficient capital for at least the next year. 

See Also: IonQ Analysts Raise Their Forecasts After Q2 Results

TMC Price Action: The Metals Company shares were up 39.5% at $1.52 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.