Odyssey Marine Exploration, Inc. announced progress in its joint venture with Capital Latinoamericano, PHOSAGMEX, aimed at establishing a domestic fertilizer supply in North America. An Odyssey subsidiary has initiated the transfer of legal rights to certain mining concessions to the joint venture. This step is critical for the PHOSAGMEX initiative, which focuses on a high-quality phosphate resource in Mexico.
However, at its annual meeting of stockholders on June 9, 2025, proposals to amend the company’s Articles of Incorporation, including an increase in authorized shares of common stock and a reverse stock split, did not receive the requisite approval. While more than 80% of stockholders who voted approved the proposals, they failed to secure a majority of the voting power of the Company as required by Nevada law.
The company stated that the inability to implement these proposals does not affect Odyssey’s ability to meet its needs and execute its strategy. Despite this, the outcome indicates a lack of full shareholder consensus on certain corporate structure changes.
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