Why The Metals Company Stock Is Soaring Today
Key Points
The Metals Company has appointed a new board member.
There continue to be significant risks with an investment in The Metals Company.
Poised to end the end of September on a bullish note, shares of The Metals Company (NASDAQ: TMC) are rising after the deep-sea mining company announced a new member of its leadership team yesterday.
As of 10:47 a.m. ET, shares of The Metals Company are up 9.2%.
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A new board member will help The Metals Company steer through uncharted waters
Strengthening its leadership team as the company advances its deep-sea mining operations, The Metals Company has appointed Liam Mallon to its board of directors.
In his 35-year career with ExxonMobil, Mallon served as the president of ExxonMobil Upstream Company and vice president of ExxonMobil Corporation. During that time, he managed $20 billion to $30 billion in annual capital deployment, helping to restructure ExxonMobil's upstream operations and leading the company to double its profitability.
Lauding the appointment of the company's newest board member, Gerard Barron, The Metals Company chairman and CEO, stated, "Liam brings the experience that matters as we prepare for commercial operations: delivering complex offshore projects and overseeing major capital investment."
What should potential The Metals Company investors do now?
While the news of Mallon's appointment is clearly a positive for the company, considering his extensive experience, it seems a little hasty to load up on shares solely based on this development. There are still plenty of questions about whether this specialized mining stock will succeed in commencing operations and generating profits from the production of critical minerals sourced from the seabed.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.