In a recent stock transaction, Mark Justh, a director at Odyssey Marine Exploration Inc. (NASDAQ:OMEX), acquired 250,000 shares of the company's common stock. The micro-cap company, currently valued at $10.45 million, has seen its stock surge over 12% in the past week according to InvestingPro data. The shares were purchased on December 24 at a price of $0.55 each, amounting to a total investment of $137,500. Following this transaction, Justh holds a total of 501,124 shares directly. With OMEX's Financial Health Score rated as FAIR by InvestingPro, subscribers can access 12 additional key insights about the company's performance and valuation metrics.
In other recent news, Odyssey Marine Exploration Inc. faces potential delisting from the Nasdaq Capital Market due to non-compliance with the market value of listed securities and minimum bid price requirements. The company must demonstrate a market value of at least $35 million for a minimum of ten consecutive business days by April 28, 2025, and ensure its common stock's bid price stays at or above $1.00 for at least ten consecutive business days by May 5, 2025, to regain compliance.
In a significant move, the company has ended its agreement with Ocean Minerals, LLC, retaining ownership of 293,399 membership interest units obtained under the Purchase Agreement. This termination paves the way for discussions about a new investment framework between the parties.
Odyssey Marine Exploration Inc. has also been awarded $37.1 million by the International Centre for Settlement of Investment Disputes in an arbitration case against the United Mexican States. The ruling follows a dispute over a denied environmental permit to Odyssey's subsidiary, Exploraciones Oceánicas S. de R.L. de C.V.
Moreover, the company has extended the maturity date of its outstanding debt and repaid $3.0 million of the principal amount to the note holders. A new executive bonus plan linked to the financial success of ExO and the outcome of the NAFTA arbitration case has been introduced.
Lastly, the company has received a notice from Nasdaq about potential delisting due to a missed filing deadline for its annual report, but Odyssey Marine has expressed its intention to rectify this deficiency promptly. These are the recent developments concerning Odyssey Marine Exploration Inc.
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