Odyssey Marine Exploration Announces Merger with American Ocean Minerals Corporation

Odyssey Marine Exploration, Inc. has entered into a definitive merger agreement with American Ocean Minerals Corporation (AOM) on April 8, 2026. Under the terms of the agreement, Odyssey's wholly owned subsidiary, Oceanus Merger Sub, will merge with AOM, with AOM surviving as a direct, wholly owned subsidiary of Odyssey. The merger consideration involves AOM stockholders receiving 4.5017 shares of Odyssey common stock for each share of AOM common stock. The combined company will be renamed "American Ocean Minerals Corporation" and is expected to be completed in late second to early third quarter of 2026. Key financial aspects include AOM securing $156 million in PIPE financing and $75.6 million in bridge financing. Post-merger ownership will be approximately 6.7% for Odyssey pre-merger stockholders, 10.7% for AOM bridge investors, 15.4% for AOM PIPE investors, and 52.9% for other AOM stockholders. The transaction requires Odyssey stockholder approval for various proposals including the merger agreement adoption, share issuance, reverse stock split, and charter amendment to increase authorized shares from 75 million to 750 million.