Why Did OMEX Stock Surge 150% In Pre-Market Today?

• The combined company is expected to have around $175 million in cash at the closing of the transaction.
• The firm will be led by Chairman Tom Albanese, who previously served as the CEO of Rio Tinto Group, CEO Mark Justh, and supported by Mike Rowe.
• Before the merger, Odyssey plans to carry out a 25-for-1 reverse stock split.

Shares of Odyssey Marine Exploration, Inc. (OMEX) surged nearly 150% in pre-market trading on Wednesday, after the company announced a definitive merger agreement with American Ocean Minerals Corp to form a $1 billion critical minerals and rare earths firm focused on deep-sea exploration.

If the pre-market levels hold after the opening bell, OMEX stock would breach its 50-day moving average (50-DMA) for the first time since Jan. 29, 2026.

$1 Billion Critical Metals Exploration Firm

The transaction values the company at around $1 billion and is backed by more than $230 million in total equity commitments, including over $150 million from institutional and strategic investors, as well as a $75 million pre-public financing completed in February. The combined company is expected to have around $175 million in cash at closing.

The firm will be led by Chairman Tom Albanese, who previously served as the CEO of Rio Tinto Group, and CEO Mark Justh. The team will also be supported by Mike Rowe, AOMC founding investor and special advisor.

AOMC said it is building a portfolio across the Cook Islands’ exclusive economic zone and U.S.-regulated international waters, including the Clarion-Clipperton Zone. Across five key areas, the combined company will have access to over 500,000 square kilometers of seabed containing nickel, cobalt, copper, and manganese. It also believes its Cook Islands licenses hold strong potential for rare earth elements and possibly titanium.

Odessey To Implement Reverse Stock Split

Before the merger, Odyssey plans to carry out a 25-for-1 reverse stock split. The combined company is expected to have about 921 million shares outstanding before the split takes effect.

Odyssey also plans to sell its Mexican phosphate asset, PHOSAGMEX, ahead of closing. This move is expected to remove roughly $60 million in liabilities from its balance sheet.

Upon closing, the combined entity will operate as American Ocean Minerals Corporation and is expected to trade on Nasdaq under the ticker AOMC. The transaction is expected to close in the late second quarter (Q2) or early third quarter (Q3) of 2026.

How Did Retail Traders React?

Retail sentiment flipped to ‘extremely bullish’ from ‘neutral’ a day earlier, amid ‘extremely high message volumes.

One user believes $4 is a fair price for OMEX. The stock is currently trading at $2.1.

The stock has been under selling pressure this year, with shares declining by more than 60%.

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