XML 32 R26.htm IDEA: XBRL DOCUMENT v3.25.3
Subsequent Events
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

NOTE 18 – SUBSEQUENT EVENTS

 

Note Conversion Exercises

In October 2025, holders of the December 2023 Notes exercised their right to convert an aggregate amount of $3.1 million of the indebtedness under their December 2023 Notes into shares of Common Stock at conversion rates between $1.38 and $1.44 per share. Pursuant to the conversions, the Company issued 2,157,497 shares of Common Stock.

In October 2025, holders of the March 2023 Notes exercised their right to convert an aggregate amount of $3.1 million of the indebtedness under their March 2023 Notes into shares of Common Stock at conversion rates between $1.38 and $1.66 per share. Pursuant to the conversions, the Company issued 2,151,205 shares of Common Stock.

 

Warrant Exercises

In October 2025, holders of warrants to purchase Common Stock exercised their warrants to purchase 740,744 shares of Common Stock at $1.10 per share and 117,648 shares of Common Stock at $1.23 per share.

 

Vendor Note Payable

On October 16, 2025, we entered into a settlement and release agreement pursuant to which we satisfied in full our Vendor Note Payable in the principal amount of $0.5 million plus accrued interest, for a cash payment of $250,000 and assignment of certain equipment that secured the note.

 

Mid-Atlantic Critical Minerals

On November 6, 2025, we submitted an Unsolicited Request for Lease Sale of Marine Mineral Exploration and Development Rights to BOEM. If Odyssey obtains the requested lease, its capability to advance a project will be enhanced by an October 2025 collaboration agreement with Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the nation’s largest dredging contractor and a trusted federal partner for coastal restoration and resilience projects.