---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-046261"
form_type: "8-K"
ticker: "OMEX"
cik: "0000798528"
company_name: "ODYSSEY MARINE EXPLORATION INC"
filed_at: "2024-02-26T23:59:59+00:00"
generated_at: "2026-06-05T16:05:44.000151+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Odyssey Marine restates financials from 2019-2023; reclassifies litigation financing as derivative liability

## Summary
- Audit committee on Feb 20, 2024, concluded restatement needed for 10-Qs Jun 2019 through Jun 2023 and 10-Ks 2019-2022.
- Restatement reclassifies $24.9M litigation financing from loan payable to derivative liability at fair value each period.
- Total liability originally $47.2M; preliminary assessment shows no significant change to total assets, equity, income, or EPS.
- Interest expense on litigation financing will be reclassified to change in derivative liabilities fair value on income statement.
- Consistent with previously disclosed material weakness in internal control over financial reporting as of June 30, 2023.

## SEC filing metadata
- accession: 0001193125-24-046261
- form_type: 8-K
- ticker: OMEX
- cik: 0000798528
- company_name: ODYSSEY MARINE EXPLORATION INC
- filed_at: 2024-02-26T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/798528/000119312524046261/0001193125-24-046261-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/798528/000119312524046261/d769436d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-046261
- JSON: https://secwatch.observer/filing/0001193125-24-046261.json
- Plain text: https://secwatch.observer/filing/0001193125-24-046261.txt

## Key facts
- Auditor Changes
  ODYSSEY MARINE EXPLORATION INC reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: The audit committee and the board of directors of the Company, in consultation with the Company’s management, concluded on February 20, 2024, that the Company should restate certain of its consolidated financial statements, which should no longer be relied upon.
  evidence_url: https://www.sec.gov/Archives/edgar/data/798528/000119312524046261/0001193125-24-046261-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.