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In a recent filing with the U.S. Securities and Exchange Commission, Odyssey Marine Exploration Inc. (NASDAQ:OMEX), a company specializing in water transportation, disclosed a compensation adjustment for a key executive. On Thursday, the Compensation Committee of the Board of Directors approved an increase in the annual base salary for John D. Longley, the company's President and Chief Operating Officer. The adjustment is effective as of January 1, 2025, with the new annual base salary set at $343,505. The compensation adjustment comes as the company, currently valued at $19.22 million, trades at a notably low P/E ratio of 1.07.
The decision to raise Longley's salary was formalized on Wednesday and represents a notable change in the company's executive compensation structure. The filing did not include additional context regarding the rationale for the salary increase or any other changes in compensation for Longley or other executives.
Odyssey Marine, headquartered in Tampa, Florida, and incorporated in Nevada, operates within the water transportation sector. The company's business address and phone number remain unchanged, as does its fiscal year-end date of December 31.
This update to executive compensation comes amidst a business environment where executive pay is often scrutinized by shareholders and the public. For deeper insights into OMEX's financial health and 14 additional exclusive ProTips, visit InvestingPro. The information provided in this article is based on the latest 8-K filing by Odyssey Marine Exploration Inc. with the SEC.
In other recent news, Odyssey Marine Exploration Inc. has been notified by Nasdaq about its non-compliance with listing requirements. The company has been alerted that it currently does not meet the minimum market value of listed securities requirement and also fails to fulfill the minimum bid price requirement for the Nasdaq Capital Market.
The market value of Odyssey Marine's listed securities has dropped below the required $35 million threshold for 30 consecutive business days, violating Nasdaq Listing Rule 5550(b)(2). To regain compliance, the company is required to demonstrate a market value of at least $35 million for a minimum of ten consecutive business days by April 28, 2025.
Furthermore, the company's common stock has not maintained the $1.00 minimum bid price over 30 consecutive business days, infringing Nasdaq Listing Rule 5550(a)(2). The company has until May 5, 2025, to correct this issue. Failure to meet these requirements within the allotted 180-calendar day grace periods could potentially result in delisting from the Nasdaq Capital Market.
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