ODYSSEY MARINE EXPLORATION INC (OMEX): debt financing — Odyssey Marine secures up to $6M debt financing with 11% notes and warrants

ODYSSEY MARINE EXPLORATION INC

Entered note & warrant purchase agreement for up to $6M; issued $3.75M in notes on Dec 1, 2023.
Notes bear 11.0% annual interest, first payment via PIK; maturity June 1, 2025.
Warrants: two tranches to purchase up to 1,411,765 shares at $4.25/sh and 211,565 at $7.09/sh, three-year term.
Proceeds for working capital; secured by equity in Odyssey Marine Cayman Limited.
Press release notes investors include Two Seas Capital, Four World Capital; funds bridge to NAFTA arbitration decision expected early 2024.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ODYSSEY MARINE EXPLORATION INC incurred loan of $3.75 million with institutional investors at 11.0% per annum maturing June 1, 2025.

Instrument: loan
Principal: $3.75 million
Counterparty: institutional investors
Rate: 11.0% per annum
Maturity: June 1, 2025
Event: incurrence

Exact text from the filing

Odyssey issued Notes in the aggregate amount of $3.75 million and related warrants on December 1, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

ODYSSEY MARINE EXPLORATION INC entered into Note and Warrant Purchase Agreement with institutional investors valued at aggregate principal amount of up to $6.0 million (effective 2023-12-01).

Action: entry
Agreement: notes offering
Counterparty: institutional investors
Value: aggregate principal amount of up to $6.0 million
Effective: 2023-12-01

Exact text from the filing

On December 1, 2023, Odyssey Marine Exploration, Inc. (“Odyssey”) entered into a Note and Warrant Purchase Agreement (the “Purchase Agreement”) with institutional investors pursuant to which Odyssey issued and sold to the investors (a) a series of promissory notes (the “Notes”) in the aggregate principal amount of up to $6.0 million and (b) two tranches of warrants (the “Warrants” and, together with the Notes, the “Securities”) to purchase shares of Odyssey’s common stock.

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ODYSSEY MARINE EXPLORATION INC filing history →

Source: SEC EDGAR

accession 0001193125-23-288519

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