Overview
- Odyssey Marine Exploration said Wednesday it will merge with American Ocean Minerals in an all-stock deal valued around $1 billion, and OMEX shares jumped about 82% on unusually heavy trading.
- Both boards approved the transaction, with former Rio Tinto leader Tom Albanese set to chair the combined company and Mark Justh named chief executive.
- The company plans a Nasdaq listing under the ticker AOMC after shareholder and regulatory approvals, with closing targeted for late Q2 or early Q3 2026.
- Funding commitments total more than $230 million, including over $150 million in new private placements plus $75 million secured in February, and Odyssey plans a 1-for-25 reverse split and a PHOSAGMEX sale expected to remove about $60 million in liabilities.
- AOMC highlights Cook Islands exploration licenses and U.S. permit applications that include areas in the Clarion–Clipperton Zone, a Pacific seabed region rich in metal-bearing nodules, while global mining rules from the International Seabed Authority remain unsettled.