Can you take a look at TMC and give me your assessment of fundimentals and explain their business activity?
I see from the charts they went public 9/21ish. Had a geat few early days of trading, 10-15 dollar range, before immediate retracement back to 10 before month end. From that point, it's been a steady decline trading in a 2-4 dollar range to date.
Some good trades along the way, but early investors are now left holding this bag. Seen this movie before couple of times.
Appreciate your help with this one.
TMC is a deep-sea minerals exploration company that focuses on the collection, processing, and refining of polymetallic modules found on the seafloor in the Clario Clippertone Zone off California. It mostly explores for nickel, cobalt, copper, and manganese products. The company is pre-revenue, and is expecting to generate sales in FY2025. It is a $422.8M company with a $10.9M equity position, a small cash balance, and it mostly issues shares and debt to fund its operations. Momentum has been improving recently following a bill introduced by House Republicans to support deep-sea mining.
Overall, it is a small, pre-revenue company, and we would consider it to be higher risk at this point in time. We would remain cautious on this name until it can prove out revenue generation.