Odyssey Marine Exploration, Inc. (OMEX) shares surged 90.62 percent, up $0.7515 to $1.5830 on Wednesday, after the company agreed to merge with American Ocean Minerals Corporation in a transaction valuing the combined company at about $1 billion.
The stock is currently trading at $1.5830, above its previous close of $0.8315, after opening at $2.0750 on the Nasdaq. Shares traded in a range of $1.34 to $2.13 during the session, with volume exploding to 212.74 million shares, far above the average daily volume of 956,185.
The all-stock merger includes more than $150 million in private placement financing and follows AOMC's earlier $75 million pre-public funding round. The combined company is expected to operate as American Ocean Minerals and trade under the ticker AOMC, while Odyssey plans a 25-for-1 reverse stock split before closing. Former Tom Albanese will serve as chairman of the merged business. Odyssey Marine's 52-week range is $0.28 to $4.43.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.