Metals Acquisition said it has regained compliance with the NYSE continued listing standards and will be removed from the “Watch List” of the NYSE.
With the notice, the SPAC cured a previously disclosed minimum 300 public stockholders deficiency and is now in compliance with the NYSE’s Listed Company Manual. Accordingly, the NYSE has removed the “.BC” indicator following the company’s ticker symbol MTAL.U.
Metals Acquisition has a purchase agreement with Glencore to acquire the CSA copper mine in Australia for $1.1 billion. The purchase price implies a 4.5x multiple of 2022 EBITDA. The deal is expected to close later this year, subject to approval by the SPAC’s shareholders.
The SPAC earlier this month issued an unsecured note to its sponsor to borrow up to $1.2 million that would cover transaction costs related to the copper mine acquisition. Read more.
