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Common Shares | 12 Months Ended
--- | ---
Dec. 31, 2024
Common Shares |
Common Shares | 16.Common Shares Authorized and Issued As at December 31, 2024, the authorized, issued and outstanding common shares and Special Shares of the Company are as follows:
​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Issued and
​ | ​ | Authorized | ​ | Outstanding
Common shares |  | Unlimited, with no par value |  | 340,708,460
Class A Special Shares |  | 5,000,000, with no par value |  | 4,448,259
Class B Special Shares |  | 10,000,000, with no par value |  | 8,896,399
Class C Special Shares |  | 10,000,000, with no par value |  | 8,896,399
Class D Special Shares |  | 20,000,000, with no par value |  | 17,792,922
Class E Special Shares |  | 20,000,000, with no par value |  | 17,792,922
Class F Special Shares |  | 20,000,000, with no par value |  | 17,792,922
Class G Special Shares |  | 25,000,000, with no par value |  | 22,241,179
Class H Special Shares |  | 25,000,000, with no par value |  | 22,241,179
Class I Special Shares |  | 500,000, with no par value |  | 500,000
Class J Special Shares |  | 741,000, with no par value |  | 741,000
​ The holders of the Company’s common shares are entitled to one vote for each common share held. Each class of Special Shares do not have voting rights and do not participate in earnings. The Special Shares automatically convert to TMC common shares if TMC common shares trade at a price on any 20 trading days within any 30-trading day period that is greater than or equal to the specific trigger price for the respective class of Special Share. Below is a summary of the Special Shares and their respective vesting thresholds, assuming the full number of Special Shares from Rollover Options are issued: ​
Special Share Class | A | B | C | D | E | F | G | H | I | J
Share Trigger price ($) | 15 | 25 | 35 | 50 | 75 | 100 | 150 | 200 | 50 | 12
Special Shares (million) | 5 | 10 | 10 | 20 | 20 | 20 | 25 | 25 | 0.5 | 0.7
​ As the Special Shares meet the indexation and equity classification criteria under ASC 815-40, the Special Shares have been classified as equity instruments at issuance. Common Share Continuity ​
​ | ​ | ​ | ​ | ​ | ​
Common shares |  | Number |  | Amount
December 31, 2022 |  | 266,812,131 | ​ | $ | 332,882
Issuance of shares under 2023 Registered Direct Offering (Note 13) |  | 7,961,540 | ​ | ​ | 11,420
Exercise of warrant by Allseas |  | 11,578,620 | ​ | ​ | 70,016
Shares issued to Allseas |  | 15,000,000 | ​ | ​ | 15,910
Exercise of stock options (Note 17) |  | 120,000 | ​ | ​ | 144
Conversion of restricted share units (Note 17) | ​ | 4,912,747 | ​ | ​ | 7,720
Share purchase under Employee Stock Purchase Plan (Note 17) |  | 173,672 | ​ | ​ | 147
December 31, 2023 |  | 306,558,710 | ​ | $ | 438,239
Issuance of shares under 2023 Registered Direct Offering (Note 13) |  | 4,500,000 | ​ | ​ | 7,447
Issuance of shares under 2024 Registered Direct Offering (Note 13) | ​ | 14,900,000 | ​ | ​ | 9,743
Shares issued as per At-the Market Equity Distribution Agreement (Note 14) | ​ | 3,251,588 | ​ | ​ | 4,866
Conversion of restricted share units (Note 17) | ​ | 10,734,581 | ​ | ​ | 14,954
Exercise of stock options (Note 17) | ​ | 715,772 | ​ | ​ | 1,891
Share purchase under Employee Stock Purchase Plan (Note 17) | ​ | 47,809 | ​ | ​ | 77
December 31, 2024 |  | 340,708,460 | ​ | $ | 477,217
​

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