Proceeds to be used for shipwreck exploration and recovery projects
By Melissa Kory
Cleveland, June 21 - Odyssey Marine Exploration, Inc. said underwriters exercised their over-allotment option for 720,000 shares, or $2.2 million, lifting its closed public offering of common stock to 5.52 million shares, or $16.84 million.
The shares were sold at $3.05 per share, a 1.93% discount from the June 20 closing share price of $3.11.
Odyssey priced $14.64 million of stock with a $2.2 million greenshoe in a prospectus supplement filed with the Securities and Exchange Commission on June 16. The deal was announced June 7.
Craig-Hallum Capital Group was the bookrunner, and B. Riley & Co., LLC was the co-manager.
Odyssey intends to use the proceeds from the offering for shipwreck exploration and recovery projects and for other working capital and general corporate purposes.
The Tampa, Fla.-based company makes deep-ocean technology for shipwreck exploration.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Common shares
|
| Amount: | $16,836,000
|
| Shares: | 5.52 million
|
| Price: | $3.05
|
| Warrants: | No
|
| Underwriters: | Craig-Hallum Capital Group (bookrunner), B. Riley & Co., LLC (co-manager)
|
| Announcement date: | June 7
|
| Pricing date: | June 16
|
| Settlement date: | June 21
|
| Stock symbol: | Nasdaq: OMEX
|
| Stock price: | $3.12 at close June 15
|
| Market capitalization: | $226.69 million
|
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