By Sheri Kasprzak
New York, May 4 - Odyssey Marine Exploration, Inc. completed a $7.7 million private placement of series D convertible preferred stock.
The company sold 2.2 million shares of the preferreds at $3.50 each.
The shares were issued upon the exercise of warrants.
The warrants were issued as part of the company's $6.6 million offering of series D preferreds closed in January with funds managed by GLG Partners LP and Fortress Investment Group LLC.
The preferreds are convertible into common shares on a one-for-one basis.
Tampa, Fla.-based Odyssey Marine provides deep-sea shipwreck exploration services.
Issuer: | Odyssey Marine Exploration, Inc.
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Issue: | Series D convertible preferred stock
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Amount: | $7.7 million
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Shares: | 2.2 million
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Price: | $3.50
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Conversion ratio: | Each preferred into one common share
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Warrants: | No
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Investors: | GLG Partners LP, Fortress Investment Group LLC
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Settlement date: | May 2
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Stock symbol: | Amex: OMR
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Stock price: | $4.07 at close May 2
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