Sustainable Opportunities Acquisition filed an S-4 on its proposed business combination with DeepGreen Metals, a developer of lower-impact battery metals for electric vehicles.
The transaction represents a pro forma equity value of $2.9 billion for the combined company, which would be renamed TMC and operate as The Metals Company upon closing.
The combined company is expected to have $570 million in cash at closing, including an upsized $330 million PIPE at $10 per share.
The deal is expected to close in the second quarter, pending shareholder approval. Read more.
