One-year loan with Epsilon Acquisitions converts at $5.00 per share
By Devika Patel
Knoxville, Tenn., March 22 – Odyssey Marine Exploration, Inc. said it arranged a $3 million convertible loan with Epsilon Acquisitions LLC.
The loan matures in one year and may be converted into common shares at $5.00 per share. The conversion price is a 3.48% discount to the March 21 closing share price of $5.18 and is also identical to the volume-weighted average price of the stock for the five trading days ended on March 17, the company said in a press release.
Odyssey, based in Tampa, Fla., explores and recovers deep-ocean shipwrecks.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Convertible loan
|
| Amount: | $3 million
|
| Maturity: | One year
|
| Conversion price: | $5.00
|
| Warrants: | No
|
| Investor: | Epsilon Acquisitions LLC
|
| Pricing date: | March 20
|
| Stock symbol: | Nasdaq: OMEX
|
| Stock price: | $5.18 at close March 21
|
| Market capitalization: | $42.45 million
|
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