Metals Royalty Co. (TMCR) saw its stock plummet 16.27% during intraday trading on Wednesday, following its direct listing debut on the Nasdaq Stock Market.
The company's common shares began trading under the ticker "TMCR" on the same day. Metals Royalty aims to focus on capital development opportunities in the critical metals and minerals value chain to support mineral security and independence in North America. Its portfolio is anchored by a royalty on the NORI polymetallic nodule deposit controlled by TMC the metals company.
The significant price movement led to a volatility trading pause, with NASDAQ issuing a trade halt for the stock shortly after the drop.