DeepGreen Metals securityholders unanimously approved the business combination with Sustainable Opportunities Acquisition.
The combined company is expected to have $570 million in cash at closing, including an upsized $330 million PIPE at $10 per share.
The closing of the business combination remains subject to approval by the SPAC’s shareholders and is expected to occur in the third quarter.
Following the completion of the business combination, the combined entity will be renamed The Metals Company and is expected to trade on the Nasdaq under TMC. The company is engaged in EV battery development. Read more.