30-month note initially converts at $3.74 per share; warrants included
By Devika Patel
Knoxville, Tenn., Nov. 9 - Odyssey Marine Exploration, Inc. completed a $10 million private placement of 8% senior convertible notes on Nov. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It may sell $5 million more of the notes to the investor within six months.
The 30-month note initially converts to common stock at $3.74 per share. The conversion price is a 29.86% premium to the Nov. 7 closing share price of $2.88.
The single investor also received warrants for 1,302,083 common shares, which are exercisable at $4.32 for five years. The strike price reflects a 50% premium to the Nov. 7 closing share price.
Odyssey, based in Tampa, Fla., explores and recovers deep-ocean shipwrecks.
Issuer: | Odyssey Marine Exploration, Inc.
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Issue: | Senior convertible notes
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Amount: | $10 million
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Maturity: | 30 months
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Coupon: | 8%
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Conversion price: | $3.74
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Conversion premium: | 29.86
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Warrants: | For 1,302,083 shares
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Warrant expiration: | Five years
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Warrant strike price: | $4.32
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Settlement date: | Nov. 8
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Stock symbol: | Nasdaq: OMEX
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Stock price: | $2.90 at close Nov. 8
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Market capitalization: | $200.18 million
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