Wall Street closes at a record for the first time since end of January
Odyssey Marine Exploration Inc. (NASDAQ:OMEX) and American Ocean Minerals Corporation (AOM) announced Monday that they held a joint conference call to discuss a proposed merger between the two companies. The merger is outlined in an Agreement and Plan of Merger dated April 8, 2026, involving Odyssey, AOM, and a subsidiary of Odyssey.The announcement sent Odyssey’s stock surging 41% over the past week to $1.17, though the company’s $68 million market cap reflects its status as a small-cap player in the marine exploration sector. An InvestingPro tip notes the stock generally trades with high price volatility, a pattern consistent with this recent surge.
According to a statement in the SEC filing, shares of Odyssey common stock to be issued under the CIC Ltd Option Agreement, the CIC LLC Option Agreement, and the CIC Equity Exchange Agreement are expected to be issued in transactions exempt from registration under Section 4(a)(2) of the Securities Act of 1933.
The companies provided a transcript of the April 13 conference call as an exhibit to the filing, and a recording is available on Odyssey’s website. The transcript and related information are not considered filed for purposes of Section 18 of the Exchange Act of 1934 and are not incorporated by reference in other filings.
The SEC filing notes that the proposed merger is subject to various conditions, including stockholder approval and regulatory requirements. Risks related to the transaction include uncertainties regarding the timing and ability to complete the merger, potential impacts on business operations, and costs associated with the merger process. Additional risks are described in Odyssey’s annual report and other filings.
Odyssey plans to file a Registration Statement on Form S-4 with the SEC, which will include a proxy statement and prospectus related to the proposed merger. No offer or solicitation to buy or sell securities is being made at this time, and any offering will be made only by means of a prospectus that meets legal requirements.
The information in this article is based on a press release statement and an SEC filing by Odyssey Marine Exploration Inc.
In other recent news, Odyssey Marine Exploration announced a merger with American Ocean Minerals Corporation in a deal valued at approximately $1 billion. The transaction includes over $230 million in total equity capital, with a significant portion coming from a private placement exceeding $150 million and a $75 million pre-public financing completed earlier this year. The merger is expected to leave the combined company with around $175 million in cash upon closing. Additionally, Odyssey Marine Exploration has amended its joint venture agreement with Capital Latinoamericano, S.A. de C.V. for a fertilizer production project in Mexico. This revised agreement updates previous arrangements and stipulates that the joint venture can only be dissolved by mutual consent. The amendment also removes any termination fees that were previously applicable. These developments come as part of Odyssey Marine Exploration’s ongoing strategic efforts.
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