Metals Acquisition Corp. II (MTAL.W) Warrant
Each MTAL.W warrant gives the holder the right to buy 1 share of Metals Acquisition Corp. II at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.15, below the strike, so the warrant is out of the money. Metals Acquisition Corp. II has a market value of about $311.27M. Metals Acquisition Corp. II is a SPAC (no deal announced yet). It must complete a deal by March 13, 2028 or the warrants expire worthless. There are 7.67M listed warrants; exercising all of them would add 25.0% to the 30.67M shares outstanding.
MTAL vs strike, last 12 months
No share-price history for MTAL yet.
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
- $12.48
From the issuer's 424B4 (2026-03-12).
Company and stock
- Company
- Metals Acquisition Corp. II
- Underlying stock
- MTAL
- Share price
- $10.15
- Market cap
- $311.27M
- Shares outstanding
- 30.67M
- Value of all listed warrants
- $7.51M (2.4% of market cap)
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.9800
- Price / model
Get Pro to see whether MTAL.W is cheap or rich against our model.
Dilution
- Shares outstanding
- 30.67M
- Listed warrants
- 7.67M
- Dilution if all exercised
- 25.0%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-03-13
- Latest possible deadline
- —
- Trust per share
- $10.10
- Sponsor
- MAC Partners 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 MTAL.W
When does the MTAL.W 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 MTAL.W?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many MTAL.W warrants are outstanding?
7.67M listed warrants, equal to 25.0% dilution if all are exercised.