Sustainable Opportunities Acquisition Corp. (SOAC), a company focusing on effecting a merger, share exchange, asset acquisition, beside other tasks, has seen an increase of 9.78% in share price in aftermarket trading session. As a result of that gain, SOAC stock is currently changing hands at $11.00. The increase in share price is perceived to be caused due to SOAC acquisition by DeepGreen Metals Inc.
Filing of proxy statement by SOAC
On the 13th of August, SOAC announced the filing of a definitive proxy statement with the US Securities and Exchange Commission (SEC). The statement was related to the business combination with DeepGreen Metals Inc. as previously announced by the company. The company said that it commenced the mailing of the proxy statements to SOAC shareholders of record as of close business on the 21st of June, 2021. The company said that the proxy statement contained the voting instructions and notice from or proxy card, relating to the general meeting of SOAC shareholders. SOAC Board of Directors asked the shareholders to vote FOR combination with DeepGreen during the general meeting, which the company said would take place on the 3rd of September.
Q2 2021 financial results
On the 16th of August, SOAC released the quarterly results for the second quarter of 2021, which ended on 30th June. According to the details, SOAC had total assets of $300.5 million on the 30th of June, 2021. The total liabilities of the company stood at $53.54 million on the 30th of June. The total shareholders’ equity (deficit) was $53.11 million on the 30th of June. The general and administrative expenses during the quarter stood at $3.44 million, as compared to $0.30 million during the equivalent period of 2020. The loss from operations during the quarter was $3.47 million, as compared to $0.32 million for the same period of 2020. The net (loss) income for the quarter was $17.17 million, as compared to $6,723 for an equivalent period of 2020.
Q1 2021 financial results
On the 24th of May, SOAC released the financial results for the first quarter of 2021, which ended on 31st March 2021. On the 31st of March, the company had total assets of $301.44 million. The total liabilities were $37.30 million. The total shareholder equity on the 31st of March was $35.93 million. The general and administrative expenses during the quarter stood at $2.98 million. The loss from operations during the quarter was $3.01 million. The net income (loss) reported by the company during the quarter stood at $31.86 million. The basic and diluted income (loss) per share was $2.53. All in all, the quarter’s results were quite grim as compared to those of the equivalent period of 2020.
What’s ahead for SOAC?
Outlook reveals not a very positive picture of SOAC, though, after the acquisition by DeepGreen, the scenario could change rapidly. The company lost 1.38% during the half-year of 2021, but, the recent performances tell of more optimistic times for SOAC. During the previous month, SOAC stock grew by 0.91%. So, potential investors should keep a close watch on SOAC stock.
