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Odyssey Marine Exploration Inc. (NASDAQ:OMEX), currently valued at $87.2 million, reported unregistered sales of equity securities related to the conversion of outstanding debt, according to a statement filed with the Securities and Exchange Commission. The company’s debt management efforts come at a crucial time, as InvestingPro data indicates potential challenges with debt servicing.
On September 24, investors converted a total of $2,844,112 in principal from the March 2023 Notes into 2,236,587 shares of common stock. Additionally, $684,661 in principal from the December 2023 Notes was converted into 531,478 shares of common stock. The company stated that the issuances were exempt from registration under Section 4(a)(2) of the Securities Act of 1933 and Rule 506. With a current ratio of 0.13, the debt conversion appears timely as short-term obligations currently exceed liquid assets.
Following these transactions, Odyssey Marine Exploration has 50,384,858 shares of common stock outstanding. The remaining principal balances on the March 2023 Notes and December 2023 Notes are approximately $3.14 million and $3.05 million, respectively.
This information is based on a press release statement contained in the company’s SEC filing.
In other recent news, Odyssey Marine Exploration has reported significant developments regarding its financial structure. The company issued a total of 6,056,073 shares of common stock following the conversion of $6,661,684 in outstanding debt. This move was part of a Note and Warrant Purchase Agreement signed in March 2023 with institutional investors, allowing the conversion of debt into equity. As a result of these conversions, $830,846 in principal from March 2023 convertible promissory notes and $1,520,254 in principal from December 2023 notes were converted into shares. These actions are documented in recent SEC filings, reflecting the company’s efforts to manage its debt obligations. The conversions took place on several occasions, including September 3, September 11, and September 18. This activity is part of a broader strategy to handle a $14 million aggregate principal amount of notes issued earlier in 2023.
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