American Ocean Minerals Corp. on Wednesday announced a definitive agreement to merge with Odyssey Marine Exploration, Inc. (OMEX), in an all-stock transaction with the combined company at approximately $1 billion.
The merger is expected to close in the late second quarter or early third quarter of 2026.
The deal includes more than $150 million in private placement funding and a $75 million pre-public financing completed by AOMC.
Following the transaction and divestiture, the combined company expects to have more than $175 million in cash to fund exploration programs.
The combined company will operate as American Ocean Minerals Corp. and is expected to list on Nasdaq under the ticker "AOMC."
The transaction aims to create a scaled U.S.-controlled deep-sea critical minerals platform, combining AOMC's asset base and capital with Odyssey's offshore operational expertise and public market infrastructure.
Odyssey plans to divest its Mexican phosphate asset, PHOSAGMEX, prior to closing to streamline operations and reduce liabilities.
In the pre-market trading, Odyssey is 97.23% higher at $1.6400 on the Nasdaq.
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