5/19/2023 0 Comments Odesi marine exploration stockAfter giving effect to the issuance to AHMSA of the new shares of common stock and the warrant, the net effect of the transactions is to reduce by approximately 13.4 million shares the number of shares of common stock potentially issuable by Odyssey.Īs part of the transaction, Odyssey and Exploraciones Oceánicas (ExO) obtained a waiver from Poplar Falls, LLC, the funder under the litigation financing for the NAFTA arbitration, to allow Odyssey and ExO to self-fund up to $5 million of any remaining NAFTA legal fees and expenses instead of incurring additional litigation funding that would require payment of an amount equal to four times the amount funded plus 1% of an award amount per million funded from any award by the NAFTA Arbitration tribunal. The termination and release agreement with AHMSA provides for the termination of the right to purchase 15.65 million shares of Odyssey’s convertible preferred stock under the SPA and the termination of the right to convert existing indebtedness into almost 1.9 million shares of Odyssey’s common stock. ![]() Taking into consideration the newly issued $14 million in notes, the net reduction in indebtedness (principal and interest) is $17.45 million. These transactions removed approximately $32 million of principal and interest in indebtedness, comprising $24 million in senior secured notes and $8 million in senior secured convertible notes, from Odyssey’s balance sheet. The company will use the funds available after the $9 million payment to AHMSA to pay legal fees and expenses related to the company’s pending NAFTA arbitration and the financing transaction, working capital, and other general corporate expenses. To fund the termination and release agreement with AHMSA, Odyssey entered into a note and warrant purchase agreement with an institutional investor for the issuance of an 11% senior secured note in the principal amount of up to $14 million that will mature in September 2024 and a warrant to purchase up to 3,703,704 shares of Odyssey’s common stock at $3.78 per share. and Phosphate One LLC (collectively AHMSA) to terminate a 2015 Stock Purchase Agreement (SPA) and associated Notes and Pledge Agreements in return for a cash payment of $9.0 million and the issuance of 304,879 shares of Odyssey’s common stock. (NASDAQ: OMEX), a global subsea mineral exploration and development company, has reached an agreement with Altos Hornos de México, S.A.B. Read moreĬash flows provided by investing.TAMPA, Fla., March 10, 2023-( BUSINESS WIRE)-Odyssey Marine Exploration, Inc. Read moreĭuring 2022, we also recognized. Read moreĪdditionally, in 2022 our litigation. ![]() Operations and research expenses decreased. ![]() Read moreĪdditionally, in September 2021, a. If cash inflow ever becomes insufficient to meet our desired projected business plan requirements, we would be required to follow a contingency business plan that is based on curtailed expenses and fewer cash requirements. Operations and research expenses increased by $0.3 million during the year ended Decemas compared to the year ended Decemprimarily as a result of a $.9 million increase in cost for the Mexican exploration license, a gain on sale of equipment of $0.3 million for the year ended Decemthat did not recur, a $0.2 million increase in professional fees and a $0.2 million increases in expenses related to the marine equipment purchase.Ĭash flows used in operating activities for the year ended Decemof $5.4 million reflected a net loss before non-controlling interest of $16.1 million and is adjusted primarily by decrease in non-cash items of $8.8 million, which primarily include a decrease in investment in unconsolidated entity of $0.9 million, gain on debt settlement of $5.2 million, deferred revenue adjustment of $3.8 million, gain on debt extinguishment of $0.4 million and gain on the sale of equipment of $0.3 million offset by share-based compensation of $1.2 million. Other Inside Odyssey Marine Exploration Inc's 10-K Annual Report:Ĭost and Expenses Marketing, general and administrative expenses increased $2.6 million to $6.3 million for the year ended Decemcompared to $3.8 million for the year ended December 31, 2020. The information required by Part III of this Form 10-K is incorporated by reference to the Company’s Definitive Proxy Statement for the Registrant’s Annual Meeting of Stockholders to be held on June 5, 2023. Entity Incorporation, State or Country Code
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