TMC the metals company Inc. (NASDAQ:TMC) rose 9.18% in after-hours trading on Wednesday, to $8.92.
The move followed the National Oceanic and Atmospheric Administration‘s release of updated regulations governing deep seabed mineral exploration and commercial recovery, which took effect on Wednesday.
NOAA Updates Federal Framework
The rule, titled “Deep Seabed Mining: Revisions to Regulations for Exploration License and Commercial Recovery Permit Applications,” updates NOAA’s regulations under the Deep Seabed Hard Mineral Resources Act.
The framework allows qualified applicants to submit exploration and commercial recovery information in a consolidated application.
Gerard Barron, chairman and CEO of the New York-based deep-sea minerals exploration company, said, “This new rule represents a meaningful modernization of the U.S. regulatory framework for deep seabed nodule collection.”
Barron also added that the company looks forward to submitting a consolidated application soon.
Trading Metrics, Technical Analysis
TMC has a market capitalization of $3.38 billion, with a 52-week range of $1.42 to $11.35.
Over the past 12 months, TMC stock has surged 404.32%, highlighting a strong long-term trend and suggesting potential optimism for future gains.
The stock has a Relative Strength Index (RSI) of 60.34
According to Benzinga Pro data, TMC closed Wednesday up 13.31% at $8.17.
Positioned at 68% of its 52-week range, TMC stock is closer to its highs than its lows. This suggests the stock is in a strong bullish phase, making it appealing for traders seeking upward momentum.
With a strong Momentum in the 98th percentile, Benzinga’s Edge Stock Rankings indicate that TMC has a positive price trend across all time frames.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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