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Odyssey Marine Exploration Stock Gains After Investor Group Buys More Shares

Benzinga · 09/01/2021 16:07
  • An investor group led by asset recovery funder Drumcliffe LLC has purchased 1.13 million shares in Odyssey Marine Exploration Inc (NASDAQ:OMEX) from Epsilon Acquisitions LLC through a private transaction. The purchase price was not disclosed.
  • Odyssey will not receive any proceeds from this transaction.
  • The investor group included FourWorld Capital Management and Greywolf Capital Management LP.
  • Odyssey is currently pursuing a nearly $3 billion NAFTA arbitration claim against the Republic of Mexico. The claim relates to Mexico's denial of an off-shore dredging license previously granted to an Odyssey subsidiary for one of the largest untapped phosphate deposits in the world.
  • Drumcliffe has been providing financing to Odyssey to support its arbitration efforts since 2019.
  • Price Action: OMEX shares closed higher by 14.77% at $6.37 on Wednesday.