Benzinga
11:02 AM ET Sep-18-2024
Odyssey Marine Exploration, Inc. (OMEX.NaE) shares are volatile Wednesday. The stock fell Tuesday after the company announced an award in its arbitration with the United Mexican States under Chapter Eleven of the North American Free Trade Agreement (NAFTA).
What To Know:
Odyssey Marine Exploration (OMEX.NaE) reported that it received notification from the International Centre for Settlement of Investment Disputes (ICSID) of the arbitral award on the claims involving Odyssey and its subsidiary, Exploraciones Oceánicas S. de R.L. de C.V. (ExO), against Mexico. The award orders Mexico to pay $37.1 million for breaching its obligations under NAFTA.
Odyssey said it expects most or all of the proceeds of the award will be used to satisfy its litigation financing obligations. The company's stock fell 90% following the announcement Tuesday.
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Odyssey shares are recovering Wednesday on heavy trading volume and the stock has been halted to the upside several times. According to data from Benzinga Pro, Odyssey's stock notched a new 52-week low of 45 cents on Tuesday and 9.65% of shares are being sold short.
How To Buy OMEX Stock:
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Odyssey Marine Exploration's (OMEX.NaE) case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
OMEX Price Action: According to Benzinga Pro, Odyssey Marine Exploration (OMEX.NaE) shares are up 167.8% at $1.33 at the time of publication Wednesday.
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Image: Gerd Altmann from Pixabay
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