TMC the metals company (TMC) Jumps 6% as Shareholder Partnership with Govt Spills Over

Group 1 - TMC the metals company Inc. (NASDAQ:TMC) experienced a rebound of 6.17% on Tuesday, closing at $6.88 per share, driven by positive investor sentiment following news of government backing for one of its shareholders [1][3]. - Korea Zinc, which holds a 5% stake in TMC, announced it secured US government support after acquiring a 40.1% stake in its $7.4 billion mineral smelter in Tennessee, along with a 10% share in TMC's total outstanding shares [2][4]. - The government support for Korea Zinc is expected to indirectly benefit TMC, as investors anticipate a stronger performance from Korea Zinc's portfolio companies [3]. Group 2 - In June, Korea Zinc purchased 19.6 million shares of TMC at $4.34 per share, totaling $85.2 million, making it one of TMC's largest shareholders [4]. - The investment included a three-year warrant to buy 6.9 million common shares at an exercise price of $7 each, along with rights to participate in future offerings to maintain ownership [4].