Form 4: TMC Director Brendan May Reports Sales of Common Shares Totaling 69,204 Units

TMC the metals Co Inc. Director Brendan May reported the sale of 69,204 common shares in two transactions in late June 2025, including a non-discretionary 'sell to cover' transaction for tax obligations.

Summary

• Brendan May, a Director of TMC the metals Co Inc. (TMC), reported two sales of common shares.
• On June 25, 2025, May sold 25,000 common shares at an average price of $7.803 per share, with prices ranging from $7.71 to $7.86.
• On June 26, 2025, May sold an additional 44,204 common shares at an average price of $7.383 per share, with prices ranging from $7.35 to $7.44.
• The sale of 44,204 shares was a non-discretionary "sell to cover" transaction to meet tax withholding obligations in connection with the vesting of restricted stock units.
• Following these transactions, Brendan May beneficially owns 197,586 common shares directly.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing reports insider share sales, with a significant portion attributed to non-discretionary 'sell to cover' transactions for tax obligations related to RSU vesting, which is a common and expected event. The remaining discretionary sale is a typical insider activity.

Negatives

• Director Brendan May sold a total of 69,204 common shares.
• One sale of 25,000 shares was a discretionary transaction by the director.

Risks

• The market may interpret the discretionary sale of 25,000 shares by a director as a potential signal of reduced confidence, although the filing does not provide a reason for this specific sale.

Future Outlook

NA

Management Comments

• The sale of 44,204 common shares on June 26, 2025, was effected to cover tax withholding obligations in connection with the vesting of restricted stock units and does not represent a discretionary transaction by the Reporting Person.

Industry Context

NA

Stakeholder Impact

• Shareholders: May perceive the discretionary sale as a slight negative signal, but the 'sell to cover' portion is generally neutral. The reduction in insider ownership might be noted.

Key Dates

Keywords

TMC the metals Co Inc., TMC, Brendan May, Director, Insider Trading, Form 4, Share Sale, Equity Transaction, Restricted Stock Units, Sell to Cover, Beneficial Ownership