Key points
- Odyssey Marine Exploration (Nasdaq: OMEX) closed a registered direct offering, selling about 4.9 million units at $3.35 each for roughly $16.5 million in gross proceeds.
- Each unit included one common share and one warrant exercisable at $3.35 per share for up to five years.
- EF Hutton, a division of Benchmark Investments, acted as exclusive placement agent.
- Odyssey plans to use the proceeds for debt reduction and general corporate purposes.
TAMPA, Fla.–(BUSINESS WIRE)–
Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) (“Odyssey Marine Exploration” or “Company”), a global subsea mineral exploration and development company, today announced the closing of its previously announced registered direct offering with certain institutional investors, pursuant to which the Company sold approximately $16.5 million worth of its common stock and warrants.
Under the terms of the subscription agreements, the Company sold approximately 4.9 million units (“Units”). Each Unit consists of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one warrant to purchase one share of Common Stock (the “Warrant”). The Warrants will be exercisable at any time beginning six months after the date of issuance and ending on the fifth anniversary of issuance. The Warrants have an exercise price of $3.35 per share. The purchase price for each Unit was $3.35.
The gross proceeds to the Company from the registered direct offering are estimated to be approximately $16.5 million, before deducting the placement agent’s fees and other estimated offering expenses.
The Company intends to use the net proceeds from the offering for debt reduction and general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC, acted as exclusive placement agent for the offering.
The securities described above were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-261592) filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC on December 23, 2021, and the accompanying prospectus contained therein.
The offering was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The final prospectus supplement and accompanying base prospectus relating to the securities being offered in the registered direct offering were filed with the SEC on June 10, 2022.
Copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained on the SEC’s website at http://www.sec.gov or by contacting EF Hutton, division of Benchmark Investments, LLC Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email at syndicate@efhuttongroup.com, or by telephone at (212) 404-7002.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is a deep-ocean exploration pioneer engaged in the discovery, validation and development of high-value seafloor resources in a socially and environmentally responsible manner. Odyssey’s growing project portfolio includes different mineral sets in various jurisdictions around the world. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com.
