Ademi LLP is investigating Odyssey Marine (NASDAQ: OMEX) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with American Ocean Minerals.
The transaction is structured as an all-stock merger, pursuant to which American Ocean Minerals’ outstanding common stock and warrants will be exchanged for Odyssey Marine’s common stock and warrants. Prior to the merger, Odyssey Marine will effect a 25-for-1 reverse stock split of its common stock. The Transaction values the combined company at a pro-forma equity value of approximately $1 billion
Odyssey Marine insiders will receive substantial benefits as part of change of control arrangements.
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