The Metals Company (TMC) Stock Is Surging Today: What's Going On?

The Metals Company Inc. TMC shares are trading higher Wednesday on what appears to be continued momentum after the company on Tuesday announced a strategic investment from Korea Zinc and two additions to its board of directors.

What To Know: On Tuesday, The Metals Company announced that Korea Zinc will invest approximately $85.2 million into the company in exchange for 19.6 million shares. The deal includes three-year warrants for an additional 6.9 million shares at $7 per share and gives Korea Zinc the right to maintain its equity stake in future offerings.

Upon closing, which is expected by June 26, Korea Zinc will become one of the company’s largest strategic shareholders, owning around 5% of The Metals Company’s common stock.

The partnership also involves ongoing validation work by Korea Zinc's R&D team on nodule-derived materials from TMC USA with integrated refining and potential U.S.-based pCAM manufacturing capacity.

After the market close on Tuesday, The Metals Company announced the appointment of two new board members: Michael Hess, an energy sector investor with a background at Goldman Sachs and KKR, and Alex Spiro, a well-known litigator and investor with experience in corporate governance, regulatory affairs and capital markets.

The board additions are expected to strengthen the company’s positioning as it moves forward with commercial seabed nodule recovery under U.S. law and ramps up its domestic strategy following a recent Executive Order supporting critical mineral development.

The Metals Company shares are now up more than 55% over the past five trading sessions.

TMC Price Action: The Metals Company shares were up 25.3% at $6.81 at the time of publication Wednesday, according to Benzinga Pro.

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