Odyssey Marine Exploration Inc. (NASDAQ:OMEX) is anticipating a key choice from the Worldwide Centre for Settlement of Funding Disputes (ICSID) concerning its declare in opposition to Mexico underneath the North American Free Commerce Settlement (NAFTA). The ICSID knowledgeable Odyssey that it intends to dispatch its award on September 17, 2024.
The declare includes Odyssey and its subsidiary Exploraciones Oceánicas S. de R.L. de C.V. (ExO) in a dispute with the United Mexican States. The end result of this arbitration might have important implications for the corporate, which focuses on water transportation and has its principal govt workplaces in Tampa, Florida.
Odyssey acquired the discover from ICSID on September 11, 2024, and promptly filed the knowledge in a Kind 8-Okay with the Securities and Change Fee (SEC) on Thursday. The corporate’s widespread inventory, which has a par worth of $0.0001 per share, is traded on the NASDAQ Capital Market underneath the ticker image OMEX.
As per customary process, the corporate’s CEO, Mark D. Gordon, signed off on the SEC submitting, fulfilling the regulatory necessities of the Securities Change Act of 1934. The announcement doesn’t disclose additional particulars of the declare or the potential affect of the tribunal’s choice on Odyssey’s operations.
In different current information, Odyssey Marine Exploration Inc. has introduced an extension to the maturity date of its excellent debt, offering the corporate with extra time to handle its monetary obligations.
As a part of this settlement, the corporate has additionally repaid $3.0 million of the principal quantity to the notice holders. As well as, Odyssey Marine has unveiled a brand new govt bonus plan linked to the monetary success of its subsidiary, Exploraciones Oceánicas S. de R.L. de C.V. (ExO), and the result of an arbitration case in opposition to Mexico. The bonus will probably be activated if the corporate secures not less than $7 million in money post-July 1, 2024.
Odyssey Marine is at present awaiting a call from the Worldwide Centre for Settlement of Funding Disputes (ICSID) concerning this arbitration case. The corporate has additionally acquired a discover from Nasdaq about potential delisting because of a missed submitting deadline for its annual report. Odyssey Marine has expressed its intention to rectify this deficiency by promptly submitting the required Kind 10-Okay with the Securities and Change Fee.
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