American Ocean Minerals to Merge with Odyssey Marine in $1 Billion Deal
American Ocean Minerals (AOM) will merge with Odyssey Marine Exploration in a $1 billion deal, consolidating assets for deep-sea mining operations. This merger aims to enhance the extraction of critical minerals from the Pacific seabed amidst increasing geopolitical competition for resources.
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American Ocean Minerals (AOM) will merge with Odyssey Marine Exploration in an all-stock transaction valued at $1 billion, expected to close by August. This deal will integrate Odyssey's assets, including a Cook Islands exploration license and an investment in Ocean Minerals, with those of CIC Limited, chaired by Tom Albanese.
AOM seeks to extract polymetallic nodules containing cobalt, nickel, copper, and manganese from the Pacific seabed, and has plans for third-party refining while considering a U.S. facility in the future. Institutional investors will contribute $150 million in a private placement and $75 million in pre-public financing.
The merged entity will trade on Nasdaq under the ticker AOMC, following an 88% rise in Odyssey's share price to $1.57. AOM's applications for two international licenses in the Clarion-Clipperton Zone may conflict with the International Seabed Authority's regulatory framework.
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