Odyssey Marine Exploration Stock Falls Following $16.5M Direct Offering

• Odyssey Marine Exploration Inc (NASDAQ: OMEX) has entered into subscription agreements with certain institutional investors to purchase an aggregate of ~$16.5 million of its common stock and warrants in a registered direct offering.

• OMEX has agreed to sell ~4.9 million units. Each unit will consist of one common share and one warrant to purchase one share of common stock.

• The warrants will be exercisable at any time beginning six months after the date of issuance and will have an exercise price of $3.35 per share. The purchase price for each unit will be $3.35.

• The company intends to use the offering net proceeds for debt reduction and general corporate purposes.

• The offering is expected to close on June 10, 2022.

• Price Action: OMEX shares are trading lower by 14.13% at $2.76 on the last check Wednesday.

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