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Benzinga
Benzinga
Business
Akanksha Bakshi

Odyssey Marine Exploration Stock Falls Following $16.5M Direct Offering

Nasdaq
  • Odyssey Marine Exploration Inc (NASDAQ:OMEX) has entered into subscription agreements with certain institutional investors to purchase an aggregate of ~$16.5 million of its common stock and warrants in a registered direct offering.
  • OMEX has agreed to sell ~4.9 million units. Each unit will consist of one common share and one warrant to purchase one share of common stock.
  • The warrants will be exercisable at any time beginning six months after the date of issuance and will have an exercise price of $3.35 per share. The purchase price for each unit will be $3.35.
  • The company intends to use the offering net proceeds for debt reduction and general corporate purposes.
  • The offering is expected to close on June 10, 2022.
  • Price Action: OMEX shares are trading lower by 14.13% at $2.76 on the last check Wednesday.
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