TMC the metals company (TMC) Falls 9.7% as Firm Plans 40 Million New Shares Issuance

We recently published 10 Major Stocks Collapse. TMC the metals company Inc. (NASDAQ:TMC) is one of the worst performers on Thursday.

TMC snapped a three-day winning streak on Thursday, slashing 9.7 percent to end at $5.12 apiece as investors sold off positions ahead of its planned issuance of 40 million new shares that could result in the potential dilution of existing stocks.

In a regulatory filing recently, TMC the metals company Inc. (NASDAQ:TMC) told the Securities and Exchange Commission that the total number of shares will be registered under its 2021 Incentive Equity Plan and are set to be given to its employees and executives in the form of compensation.

TMC the metals company Inc. (NASDAQ:TMC) said it had already secured the approval of the shareholders for the plan.

In recent news, TMC the metals company Inc. (NASDAQ:TMC) said it widened its net loss by 268 percent in the second quarter of the year to $74.3 million from $20.17 million in the same period last year.

The figure included a non-recurring charge of $33 million for the fair value of the warrants issued to the Republic of Nauru and a charge of $16.2 million due to the increase in the fair value of warrant liability.

Operating loss grew by 8.3 percent to $21.97 million from $20.29 million year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.