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Odyssey Marine Exploration Inc. (NASDAQ:OMEX), currently valued at $63 million in market capitalization, reported the issuance of 6,056,073 shares of its common stock following the conversion of $6,661,684 in outstanding debt. The stock has shown remarkable momentum, gaining over 11% in the past week and 243% over the last six months. According to a statement based on a recent SEC filing, the conversions took place on Friday and Monday under terms of a Note and Warrant Purchase Agreement originally signed in March 2023 with institutional investors.
The agreement allowed holders of the company’s convertible promissory notes to exchange debt for equity. The newly issued shares resulted from the conversion of a portion of the $14 million aggregate principal amount of notes issued in 2023.
Following these transactions, Odyssey Marine Exploration has 45,190,598 shares of common stock outstanding. The company stated that the share issuances were exempt from registration under Section 4(a)(2) of the Securities Act of 1933 and Rule 506.
Odyssey Marine Exploration is incorporated in Nevada and its shares are listed on the NASDAQ Capital Market under the symbol OMEX. The information in this article is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Odyssey Marine Exploration, Inc. has made significant strides in its joint venture with Capital Latinoamericano, S.A. de C.V. The collaboration, named PHOSAGMEX, focuses on developing a domestic fertilizer supply to bolster North American food security. A key development in this venture is the transfer of legal rights to certain mining concessions by an Odyssey subsidiary, advancing the project’s progress. The joint venture, established on June 4, 2025, involves an equal partnership between Odyssey and CapLat, each holding a 50% stake. This project leverages Odyssey’s expertise in validating subsea phosphate resources within Mexico’s exclusive economic zone. As part of the restructuring, Odyssey formed Oceánica Resources México, S. de R.L. de C.V., a direct subsidiary of Oceanica Resources, S. de R.L., a Panamanian company. This restructuring maintained the same ownership percentages for the members involved. These developments mark a significant step forward in Odyssey Marine’s strategic initiatives.
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