Odyssey Marine Exploration (NASDAQ: OMEX) Enters into Securities Purchase Agreement and Joint Venture Agreement

Odyssey Marine Exploration, Inc. (the “Company”) recently disclosed key developments in two significant agreements, as detailed in its Form 8-K filing submitted to the Securities and Exchange Commission.

Firstly, on December 23, 2024, the Company finalized a Securities Purchase Agreement with certain accredited investors. This agreement entailed the issuance and sale of 7,377,912 shares of common stock at a rate of $0.55 per share, totaling approximately $4.1 million before expenses. Additionally, investors were given the option to purchase another 7,220,141 shares at $1.10 per share at a subsequent closing scheduled for April 30, 2025. An accompanying Registration Rights Agreement was also established to ensure compliance with SEC regulations.

Furthermore, amendments to agreements from March 2023 and December 2023 were also noted in the filing. Modifications included the extension of maturity dates, addition of conversion features, and adjustments to exercise prices of warrants, among other terms. The Company also committed to registering shares of common stock and providing additional collateral to secure financial obligations.

Secondly, on the same date, Odyssey Marine Exploration entered into a Joint Venture Agreement with Capital Latinoamericano, S.A. de C.V. (CapLat) to establish a joint venture for a strategic fertilizer production project in Mexico. This collaboration aims to develop a project based on a high-quality subsea phosphate resource in Mexico’s Exclusive Economic Zone. The agreement outlines exclusive development rights for both parties and sets conditions for equal partnership investment in a joint venture entity.

The Company and CapLat hold the right to terminate the JV Agreement under specific circumstances, including non-fulfillment of investment commitments or a change of control within either party, with provisions for a termination fee of $10 million in the latter case. Representations, warranties, and customary provisions for such transactions also form part of the agreement.

These recent agreements signify strategic financial and operational developments for Odyssey Marine Exploration, reflecting the company’s commitment to growth and expansion in its ventures.

Please note that the article is based on the information provided in the Form 8-K filing released by Odyssey Marine Exploration to the Securities and Exchange Commission. For comprehensive details, readers are encouraged to refer directly to the original filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Odyssey Marine Exploration’s 8K filing here.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc, together with its subsidiaries, discovers, validates, and develops seafloor mineral resources worldwide. The company provides specialized mineral exploration, project development, and marine services to clients. Odyssey Marine Exploration, Inc was founded in 1994 and is headquartered in Tampa, Florida.