Odyssey Marine Exploration, AOMC to Launch $1B Critical Minerals Platform with $175M Cash
Odyssey Marine Exploration agreed to merge with American Ocean Minerals to form a $1B deep-sea critical minerals platform, combining Odyssey’s 30+ years offshore experience with AOMC’s exploration rights and IP. The all-stock deal raises over $230M in equity and leaves the merged company with $175M cash, listing as AOMC on Nasdaq.
1. Merger Agreement and Valuation
Odyssey Marine Exploration and American Ocean Minerals Corporation entered a definitive merger creating a combined entity valued at approximately $1 billion. The deal is structured as an all-stock transaction that will result in the new company trading on Nasdaq under the ticker AOMC.
2. Financing and Share Structure
The merger agreement secures over $230 million in total equity capital, including $150 million from institutional and strategic investors and $75 million in pre-public financing. Prior to closing, Odyssey shareholders will undergo a 25-for-1 reverse stock split, and the merged entity will hold roughly $175 million in cash at closing.
3. Operations, Resources and Leadership
The combined platform will target polymetallic nodules and rare-earth elements across licensed areas in the Cook Islands and U.S.-regulated waters, spanning more than 500,000 km2 of seabed. Tom Albanese will chair the board and Mark Justh will serve as CEO, leveraging Odyssey’s IP and operational track record alongside AOMC’s exploration rights.