Vancouver’s EV battery metal miner DeepGreen to go public via $2.9 billion SPAC deal

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Vancouver’s EV battery metal miner DeepGreen to go public via $2.9 billion SPAC deal

DeepGreen Metals Inc., a Vancouver, Canada-based e-vehicle battery metals company that produces battery metals from polymetallic nodules lying on deep seabed, had issued a statement on Thursday saying that the company had agreed to be taken over by a blank-cheque firm Sustainable Opportunities Acquisition Corp.

in a $2.9 billion buyout deal, becoming the latest to join a series of SPAC-backed public listings this year. Besides, the DeepGreen statement had also added that the $2.9 billion acquisition deal would proffer a $330 million in fresh capital inflows for the Canadian e-vehicle battery metal producer from private investors alongside Allseas, while the deal would also include investments from strategic investors such as Maersk Supply Service and Glencore.

On top of that, latest acquisition deal from Sustainable came forth months after the so-called SPAC (Special Purpose Acquisition Company) had raised a stark upsum of $300 million in an IPO (Initial Public Offerings) in May last year.

In factuality, SPACs (Special Purpose Acquisition Company) or blank-check firms are shell entities that could take a company public following a merger or acquisition, while the blank-check firms are allowed to raise funds either from private investors or in an IPO to finance its planned merger or acquisition without telling investors about the firm it has been pursuing.

Sustainable-DeepGreen merger will be listed under ticker symbol “TMC”

As beforementioned, the Vancouver-based DeepGreen has been producing e-vehicle battery metals from deep seabed polymetallic rocks for nearly a decade, which the company’s initial partners include Swiss offshore drilling company Allseas Group SA alongside Danish shipping industry giant Maersk.

Leading US lender and financial services provider Citi alongside Nomura Greentech had been the lead financial advisors of Sustainable and DeepGreen respectively on their latest $2.9 billion merger deal.