Odyssey Marine Stock Rallies After Firm Discloses JV Formation, Funding, Debt Maturity Extension: Retail’s Jubilant
By Stocktwits Inc | First Published Dec 27, 2024, 12:51 AM ISTOdyssey said the JV Capital Latinoamericano, S.A. de C.V. (CapLat) is looking to establish a private-public partnership with the Mexican government.
Shares of Odyssey Marine Exploration Inc (OMEX) surged over 13% on Thursday after the company announced a joint venture (JV) with Capital Latinoamericano, S.A. de C.V. (CapLat) to develop a strategic fertilizer project and also disclosed that it has secured $4 million in funding.
Odyssey said the JV is looking to establish a private-public partnership with the Mexican government.
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CapLat principal Juan Cortina noted that a secure, high-quality domestic fertilizer supply can be transformative for North America’s agricultural foundation.
“This project has the potential to lower costs for farmers and bring meaningful benefits to communities—particularly small-scale farmers—by increasing access to affordable fertilizers and fostering rural development,” Cortina said.
The partnership combines Odyssey’s subsea resource exploration expertise with Cortina’s leadership in Mexico’s agricultural sector. It will employ advanced technology and sustainable dredging techniques, which have been successfully used in over 200 similar projects in Mexican waters by a local operating partner for the project.
Odyssey also announced it has secured $4 million in funding led by Cortina, holders of Odyssey’s debt, and Odyssey’s lead director, priced at a premium to market with no warrants.
Meanwhile, holders of Odyssey’s debt have agreed to extend the maturity date of notes due December 2024 to December 2025 and notes due June 2025 to April 2026.
Following the slew of announcements, retail sentiment on Stocktwits jumped into the ‘extremely bullish’ territory (94/100) from ‘neutral’ a day ago. The move was accompanied by ‘extremely high’ retail chatter.
Stocktwits users expressed optimism on the stock’s near-term potential.
However, despite Thursday’s rally, the stock has lost over 90% of its market capitalization since the beginning of the year.
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