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Contrary to popular belief, the float is not actually 2.7M because many "existing DeepGreen Stakeholders" can sell / probably have sold their shares. What went wrong is that investors were misled to believe the float was so small when in reality, Existing Stakeholders could sell.
I am going to be using the numbers associated with "maximum redemptions" since there were close to 100% redemptions for this SPAC.
certain Existing DeepGreen Securityholders that will be party to the Amended and Restated Registration Rights Agreement will own TMC Common Shares subject to lock-up restrictions representing approximately 49.7% of the outstanding TMC Common Shares, assuming no public shares are redeemed in connection with the Business Combination or approximately 55.4% of the outstanding TMC Common Shares assuming that all public shares are redeemed in connection with the Business Combination. While such Existing DeepGreen Security Holders and the initial shareholders will agree, and, in the case of the initial shareholders, will continue to be subject, to certain restrictions regarding the transfer of the TMC Common Shares, these shares may be sold after the expiration of the applicable lock-up restrictions
-Page 74 of 424B3
-Page 13 of 424B3
-Page 85 of 424B3
There is a difference of about (85.3% - 55.4%) 29.9% of the shares outstanding that are shares held by "Existing DeepGreen SecurityHolders" but not those "subject to lock-up restrictions."
Meaning, ~29.9% of the shares outstanding (.299 * 270,348,305) = ~80,834,143 million shares , are available on the float.
Credit to u/ucjor for catching this in the first place. See his original DD here: https://www.reddit.com/r/wallstreetbets/comments/ptefir/tmc_sheep_being_led_to_slaughter/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
I have no position.