Freedom Metals Acquisition Corp. (FDMMW) Warrant
Each FDMMW warrant gives the holder the right to buy 1 share of Freedom Metals Acquisition Corp. at $11.50 per share, for five years after the company completes its merger. The stock last closed at $9.82, below the strike, so the warrant is out of the money. Freedom Metals Acquisition Corp. has a market value of about $368.17M. Freedom Metals Acquisition Corp. is a SPAC (no deal announced yet). It must complete a deal by January 9, 2028 or the warrants expire worthless. There are 9.17M listed warrants; exercising all of them would add 24.4% to the 37.49M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- no
- Break-even stock price
- $11.78
From the issuer's S-1/A (2026-07-01).
Company and stock
- Company
- Freedom Metals Acquisition Corp.
- Underlying stock
- FDMM
- Share price
- $9.82
- Market cap
- $368.17M
- Shares outstanding
- 37.49M
- Range since Aug 2026
- $9.80 – $9.88
- Change since Aug 2026
- -0%
- Value of all listed warrants
- $2.57M (0.7% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- Miami, FL
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.2800
- Price / model
Pro will show whether FDMMW is cheap or rich against our model. It is not open yet. Leave your email to hear when it is.
Dilution
- Shares outstanding
- 37.49M
- Listed warrants
- 9.17M
- Dilution if all exercised
- 24.4%
Warrant count from filing notes, read by hand (high): Public Warrants (one-third warrant per unit).
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-01-09
- Latest possible deadline
- 2028-01-09
- Trust per share
- $10.20
- Sponsor
- NLC America SPAC 1 LLC
- Sponsor's earlier SPACs
- 0 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about FDMMW
When does the FDMMW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of FDMMW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many FDMMW warrants are outstanding?
9.17M listed warrants, equal to 24.4% dilution if all are exercised.
Related warrants
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