By Cristal Cody
Tupelo, Miss., Oct. 8 - Odyssey Marine Exploration, Inc. plans to sell $6 million of series G 8% convertible preferred stock and warrants, according to a prospectus supplement filed with the Securities and Exchange Commission.
The securities will be sold in units of one preferred and one warrant at $250,000 each. Each three-year warrant allows the holder to purchase 75,000 shares of common stock at a price of $2.50 per share.
The preferreds may be converted into shares of common stock at any time after April 15, 2011. The conversion price is $1.785714.
Odyssey Marine may redeem the preferreds at any time after Dec. 15, 2010. The preferreds are putable after Dec. 15, 2011.
The proceeds will be used for working capital.
The Tampa, Fla.-based company makes deep-ocean technology for shipwreck exploration.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Series G convertible preferred stock
|
| Amount: | $6 million
|
| Dividends: | 8%
|
| Price: | $250,000
|
| Conversion price: | $1.785714
|
| Call option: | After Dec. 15, 2010
|
| Put option: | After Dec. 15, 2011
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 12
|
| Stock symbol: | Nasdaq: OMEX
|
| Stock price: | $1.81 at close Oct. 5
|
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