Odyssey Marine Exploration Inc. (NASDAQ:OMEX) is anticipating a key decision from the International Centre for Settlement of Investment Disputes (ICSID) regarding its claim against Mexico under the North American Free Trade Agreement (NAFTA). The ICSID informed Odyssey that it intends to dispatch its award on September 17, 2024.
The claim involves Odyssey and its subsidiary Exploraciones Oceánicas S. de R.L. de C.V. (ExO) in a dispute with the United Mexican States. The outcome of this arbitration could have significant implications for the company, which specializes in water transportation and has its principal executive offices in Tampa, Florida.
Odyssey received the notice from ICSID on September 11, 2024, and promptly filed the information in a Form 8-K with the Securities and Exchange Commission (SEC) on Thursday. The company's common stock, which has a par value of $0.0001 per share, is traded on the NASDAQ Capital Market under the ticker symbol OMEX.
As per standard procedure, the company's CEO, Mark D. Gordon, signed off on the SEC filing, fulfilling the regulatory requirements of the Securities Exchange Act of 1934. The announcement does not disclose further details of the claim or the potential impact of the tribunal's decision on Odyssey's operations.
In other recent news, Odyssey Marine Exploration Inc. has announced an extension to the maturity date of its outstanding debt, providing the company with more time to manage its financial obligations.
As part of this agreement, the company has also repaid $3.0 million of the principal amount to the note holders. In addition, Odyssey Marine has unveiled a new executive bonus plan linked to the financial success of its subsidiary, Exploraciones Oceánicas S. de R.L. de C.V. (ExO), and the outcome of an arbitration case against Mexico. The bonus will be activated if the company secures at least $7 million in cash post-July 1, 2024.
Odyssey Marine is currently awaiting a decision from the International Centre for Settlement of Investment Disputes (ICSID) regarding this arbitration case. The company has also received a notice from Nasdaq about potential delisting due to a missed filing deadline for its annual report. Odyssey Marine has expressed its intention to rectify this deficiency by promptly filing the required Form 10-K with the Securities and Exchange Commission.
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