A few weeks ago, I posted on the shenanigans at TMC. I’d encourage you to read the whole article for a full background, but is the company went public through a SPAC that saw an very high redemption rate (more than 90% of shareholder redeemed, leaving under 3m shares publicly traded). In addition to the high redemption, over $200m of their PIPE failed to deliver on their commitments, which I had never seen before. The end result was a super thinly traded stock with lots of questions on go forward funding and why their PIPE buyers didn’t deliver.
This company seems to be run like a promotional scam. Here are a few red flags:
0. The insiders can't seem to fill out an SEC form correctly
1. The company is based in Howe Street, Vancouver
2. The website lists no phone numbers for the company or its staff anywhere, same with its press releases.
3. The ceo pocketed a quick buck on his last deep sea mining investment by selling his shares early (Nautilus Minerals) which later went bankrupt. Just one of the red flags I read in this Bloomberg article (reproduced in the Financial Post link below):
If you check the Super 8-k, it shows Andrei Karkar/ERAS Capital ownership is 39,621,909 shares as of the Closing Date. So looks like a buy to me (39,621,909+2,250,110=41,872,019).
My question is, is the float truly only 2.7M shares? Or are there legacy DeepGreen shares that are trading right now as well. For example, IRNT had 1.3M shares of float from the trust. But there were another 1.5M shares from non-locked up legacy holders that could be sold as soon as the transaction was consummated. This was called out in IRNT's proxy (search for "1.5 million shares").
Weekend thoughts: More $TMC shenanigans
This company seems to be run like a promotional scam. Here are a few red flags:
0. The insiders can't seem to fill out an SEC form correctly
1. The company is based in Howe Street, Vancouver
2. The website lists no phone numbers for the company or its staff anywhere, same with its press releases.
3. The ceo pocketed a quick buck on his last deep sea mining investment by selling his shares early (Nautilus Minerals) which later went bankrupt. Just one of the red flags I read in this Bloomberg article (reproduced in the Financial Post link below):
https://financialpost.com/commodities/a-mining-startups-rush-for-underwater-metals-comes-with-deep-risks
If you check the Super 8-k, it shows Andrei Karkar/ERAS Capital ownership is 39,621,909 shares as of the Closing Date. So looks like a buy to me (39,621,909+2,250,110=41,872,019).
My question is, is the float truly only 2.7M shares? Or are there legacy DeepGreen shares that are trading right now as well. For example, IRNT had 1.3M shares of float from the trust. But there were another 1.5M shares from non-locked up legacy holders that could be sold as soon as the transaction was consummated. This was called out in IRNT's proxy (search for "1.5 million shares").