Odyssey Marine Exploration Inc (NASDAQ:OMEX) shares rose on Wednesday by over 100% following a merger agreement to create a deep-sea critical minerals platform.

Merger To Form $1 Billion Minerals Platform

Odyssey Marine entered a definitive merger agreement with American Ocean Minerals Corporation (AOMC). The deal will create a deep-sea critical-minerals platform valued at about $1 billion.

The all-stock transaction includes more than $230 million in equity capital. This includes over $150 million from a private placement and $75 million in pre-public financing.

The combined company is expected to have around $175 million in cash at closing and plans to list on Nasdaq under the ticker "AOMC," subject to approvals.

Assets, Scale And Resource Base

The merger combines AOMC's capital and exploration rights with Odyssey's public platform and intellectual property.

It also brings more than 30 years of offshore operational experience from Odyssey. The combined entity will operate across U.S.-regulated international waters and allied jurisdictions.

This includes two of three licensed areas in the Cook Islands, covering over 500,000 square kilometers of prospective mineral zones.

The platform targets polymetallic nodules containing nickel, cobalt, copper, and manganese, as well as rare-earth elements and potentially titanium.

Cook Islands assets include 417 million tonnes of indicated resources and over 2 billion tonnes of inferred resources, while U.S.-regulated areas include more than 1.4 billion tonnes of inferred resources.

Leadership, Structure And Timeline

The combined company will be led by Chairman Tom Albanese and CEO Mark Justh, with support from founding investor Mike Rowe. The boards have approved the deal, and the companies expect to close it in the late second quarter or early third quarter of 2026.

Odyssey plans a 25-for-1 reverse stock split and will divest its Mexican phosphate asset, PHOSAGMEX, removing about $60 million in liabilities.

"This transaction comes at a pivotal inflection point… we are building a scalable platform to support a more secure and diversified critical minerals supply chain," said Justh.

"This transaction builds on the foundation Odyssey has established over more than three decades of offshore innovation and operations," said Odyssey CEO Mark Gordon.

Technical Analysis

At $1.77, the stock is trading 54.0% above its 20-day SMA of $1.15, indicating strong short-term momentum. It is trading 1.1% below its 100-day SMA of $1.79, suggesting resistance there.

The stock is also 4.0% below its 200-day SMA of $1.83, indicating a longer-term bearish trend.

The relative strength index (RSI) is at 29.88, indicating the stock is oversold. This suggests a potential rebound if buying interest increases.

The MACD remains below the signal line, indicating bearish momentum.

  • Key Resistance: $1.83 — This level may act as a barrier for upward movement.
  • Key Support: $1.15 — A potential floor for price action if selling pressure increases.

Company Context

Odyssey Marine is a deep-ocean exploration company. It discovers, validates, and develops high-value seafloor mineral resources and provides specialized mineral exploration, project development, and marine services to its clients.

The merger with AOMC is significant as it positions Odyssey to become a key player in the deep-sea critical minerals sector, leveraging its extensive experience and existing projects to enhance its market presence.

OMEX Stock Price Activity: Odyssey Marine shares were up 94% at $1.62 per share at last check on Wednesday, according to Benzinga Pro data.

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