M&A: ODYSSEY MARINE EXPLORATION INC
Form Type: 8-K
Filing Date: 2024-12-23
Corporate Action: Acquisition
Type: New
Accession Number: 000119312524284287
Comments: On December 23, 2024, Odyssey Marine Exploration, Inc. entered into a Securities Purchase Agreement, issuing and selling 7,377,912 shares of common stock at $0.55 per share, raising approximately $4.1 million. Investors have the option to purchase an additional 7,220,141 shares at $1.10 per share by April 30, 2025. The transaction is exempt from registration under Section 4(a)(2) of the Securities Act. The Purchase Agreement includes customary covenants and indemnification provisions. An Amendment to Note and Warrant Purchase Agreement was also executed on December 23, 2024, modifying existing covenants, establishing a minimum liquidity requirement, and extending the maturity date of the notes to June 30, 2025. Additionally, a joint venture was established with Capital Latinoamericano, S.A. de C.V. to develop a strategic fertilizer production project in Mexico, contingent on regulatory approvals and investment by both parties.
Document Link: View Document
Additional details:
Securities Purchase Agreement Date: 2024-12-23
Shares Issued: 7,377,912
Purchase Price Per Share: 0.55
Total Purchase Price: 4.1 million
Additional Shares Option: 7,220,141
Additional Purchase Price: 1.10
Next Closing Date: 2025-04-30
Joint Venture Partner: Capital Latinoamericano, S.A. de C.V.
Project Description: develop a strategic fertilizer production project in Mexico