30-month note initially converts at $3.74 per share; warrants included
By Devika Patel
Knoxville, Tenn., April 26 - Odyssey Marine Exploration, Inc. increased a private placement of 8% senior convertible notes to $18 million from $15 million on April 25, according to an 8-K filed Thursday with the Securities and Exchange Commission. It raised $10 million in the offering on Nov. 10. The deal priced Nov. 8.
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 in the first tranche and will receive additional warrants for 1,562,500 shares. The warrants are each exercisable at $4.32 for five years. The strike price reflects a 50% premium of 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: | $18 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 2,864,583 shares
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Warrant expiration: | Five years
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Warrant strike price: | $4.32
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Pricing date: | Nov. 8
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Settlement date: | Nov. 10 (for $10 million)
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Upsized: | April 25
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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: | $222.36 million
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