In a recent transaction, Mark Justh, a director at Odyssey Marine Exploration Inc. (NASDAQ:OMEX), acquired 50,000 shares of the company’s common stock. The shares were purchased at an average price of $0.6447 per share, amounting to a total transaction value of approximately $32,235. Following this acquisition, Justh now holds a total of 551,124 shares directly. Additionally, he owns 834 shares indirectly through an LLC. This move underscores Justh’s continued investment in the company, which is known for its work in deep-ocean exploration. The timing is notable, as OMEX has shown strong momentum with a 9.8% return over the last week, despite an 85% decline over the past year. InvestingPro analysis suggests the stock may be slightly undervalued at its current market cap of $15 million, with 13 additional exclusive insights available to subscribers.
In other recent news, Odyssey Marine Exploration Inc. faces potential delisting from the Nasdaq Capital Market due to non-compliance with listing requirements. The company failed to meet the minimum market value of listed securities requirement and the minimum bid price requirement. To regain compliance, Odyssey Marine must demonstrate a market value of at least $35 million by April 2025 and ensure its common stock’s bid price stays at or above $1.00 by May 2025.
In another development, Odyssey Marine has ended its agreement with Ocean Minerals, LLC. The termination was part of a strategic move to renegotiate the structure of Odyssey’s investment in Ocean Minerals. Despite this, Odyssey retains ownership of 293,399 membership interest units obtained under the Purchase Agreement.
Recently, Odyssey Marine was awarded $37.1 million by the International Centre for Settlement of Investment Disputes (ICSID) in a case against the United Mexican States. The company has also extended the maturity date of its outstanding debt and repaid $3.0 million of the principal amount to the note holders. Lastly, Odyssey Marine has introduced a new executive bonus plan linked to the financial success of its subsidiary, Exploraciones Oceánicas S. de R.L. de C.V. (ExO), and the outcome of the NAFTA arbitration case.
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