In today’s briefing:
- ECVT: Red Devil in the Details
- Tmc the Metals Company, Inc. – As Headwinds Abate, Fundamentals Re-Emerge
ECVT: Red Devil in the Details
- ECVT has experienced a series of block trades over the past year after its largest shareholder decided to liquidate its position.
- The block sales overshadow the second quarter that is expected to show a rebound in ECVT’s ecoservices
- For second quarter 2023 we are raising our sales and adjusted EBITDA estimate
Tmc the Metals Company, Inc. – As Headwinds Abate, Fundamentals Re-Emerge
- Maersk exit completed. The Danish shipping company, which had a significant equity position in TMC’s early days as a public entity, has completed the sale of its stake, removing a major hurdle to TMC’s ability to sustain upward price momentum as positive developments continue to improve the story’s fundamentals.
- Strong selling pressure removed. Maersk’s stake in TMC was considered non-core as its services contract with TMC ended in 2021, and the company began selling its nearly 21 million share position late last year and has recently completed the liquidation process.
- The entirety of the final 4 million share position was purchased by TMC’s largest shareholder, ERAS Capital.
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