Shares of Sustainable Opportunities Acquisition Corp. (SOAC) are up more than 5% in the morning trade on Tuesday after the special purpose acquisition company’s shareholders approved its proposed merger with DeepGreen Metals, Inc. on September 3.
As previously announced, the business combination creates TMC the metals company Inc., which will be focusing on exploration of lower-impact battery metals from seafloor polymetallic nodules.
In connection with the transaction TMC is expected to receive about $137.3 million in cash.
SOAC, currently at $10.58, has been trading in the range of $9.51- $12.72 in the past 52 weeks.
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