Why The Metals Company Stock Is Skyrocketing Today
Shares of The Metals Company (NASDAQ: TMC) are making huge gains in Monday's trading. The company's stock was up 21.8% as of 10:30 a.m. ET, according to data from S&P Global Market Intelligence.
The Metals Company published second-quarter earnings information and outlined plans to raise funding through a new direct stock offering before the market opened this morning. The deep-sea-mining specialist posted a net loss of $14.1 million in Q2, working out to a net loss of $0.05 per share in the period. But the company is on track to see an injection of new capital thanks to a new deal that's thrilling Wall Street.
The Metals Company has announced that it's raising $27 million in cash through a new direct stock offering. The sale is set to take place at a price of $2 per share, working out to an 82% premium compared to where the stock was priced before the announcement and a roughly 47% premium based on its current share price.
Source Fool.com
