Odyssey Marine Exploration, Inc. acknowledged the issuance of the U.S. Executive Order 14285, titled "Unleashing America’s Offshore Critical Minerals and Resources." This executive order directs federal agencies to accelerate the responsible exploration and development of seabed mineral resources. The directive prioritizes secure domestic supply chains for critical inputs essential to national security, energy transition, infrastructure modernization, and food security.
Odyssey is positioned to benefit from this policy shift, given its focus on ocean mineral resources for agricultural resilience and clean energy. The company has been qualified by the U.S. Bureau of Ocean Energy Management (BOEM) to hold marine minerals leases since 2021. This alignment with national priorities could accelerate permitting timelines for its projects.
Additionally, Odyssey confirmed that it anticipates the proceeds from the Securities Purchase Agreement (SPA) executed in December 2024, along with other prior funding arrangements, will fund its operations throughout 2025. The company currently has no specific plans to issue securities under its universal shelf registration statement on Form S-3.
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