, Columnist
$500 Million of SPAC Cash Vanishes Under the Sea
The Metals Company’s controversial plan to mine the seafloor is a tale of questionable green credentials and SPAC disappointment.
Where’s that treasure.
Source: The Metals Company
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A controversial project to mine the Pacific ocean floor has suffered a rocky start after investors withheld almost $500 million in funding.
TMC The Metals Company Inc., formerly known as DeepGreen Inc., went public last week, after merging with Sustainable Opportunities Acquisition Corporation, a special purpose acquisition company. But it was an underwhelming debut. The shares sank 11% on Friday.