Odyssey could raise $16M

TAMPA — Odyssey Marine Exploration Inc. (symbol: OMEX) will issue 4 million new shares of its common stock in a public offering. At its current price, the stock issuance could raise $16 million in new capital for the Tampa-based firm.

The company did not specify a use for the new funds.

Roughly 67 million shares of Odyssey stock are currently available to the public, so the offering would increase the company's total outstanding shares by 5%. If the company's current enterprise value were to hold, its stock price would decline to $3.90 per share as a result of the issuance.