Odyssey Marine Exploration Stock Falls Following $16.5M Direct Offering

Odyssey Marine Exploration Inc OMEX has entered into subscription agreements with certain institutional investors to purchase an aggregate of ~$16.5 million of its common stock and warrants in a registered direct offering.
OMEX has agreed to sell ~4.9 million units. Each unit will consist of one common share and one warrant to purchase one share of common stock.
The warrants will be exercisable at any time beginning six months after the date of issuance and will have an exercise price of $3.35 per share. The purchase price for each unit will be $3.35.
The company intends to use the offering net proceeds for debt reduction and general corporate purposes.
The offering is expected to close on June 10, 2022.
Price Action: OMEX shares are trading lower by 14.13% at $2.76 on the last check Wednesday.