TAMPA – Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), known for its subsea mineral exploration, disclosed that it has received a notice from Nasdaq regarding non-compliance with filing requirements. The company acknowledged on Monday that it did not file its annual report (Form 10-K) for the year ended December 31, 2023, in the stipulated time frame.
Nasdaq's Rule 5250(c)(1) mandates listed companies to submit periodic financial reports to the Securities and Exchange Commission (SEC). Failure to meet this requirement can lead to potential delisting. Odyssey has stated its intention to correct the deficiency by filing the required Form 10-K with the SEC as soon as possible.
Odyssey Marine Exploration specializes in identifying and developing underwater mineral resources. The company has been at the forefront of deep-ocean exploration, focusing on poly-metallic nodules and subsea phosphate deposits. These resources are considered critical for future technologies and food production.
The delay in filing has raised concerns among investors and stakeholders regarding the company's operational transparency. While the company has expressed its commitment to regaining compliance, it has not provided a specific timeline for when the Form 10-K will be filed.
This development follows the company's previous annual report filed on March 31, 2023. In that report, Odyssey outlined potential risks in its operations, as well as projections and estimates for mining assets based on information available at the time. Still, the company also cautioned that actual future performance could be affected by unforeseen events beyond its control.
The information in this article is based on a press release statement from Odyssey Marine Exploration. While the company has made forward-looking statements regarding its future, these are not guarantees of performance and are subject to various risks and uncertainties. Investors are advised to consider these factors when evaluating the company's prospects.
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