| |
|
Frequently Asked Questions
Odyssey Marine Exploration's Move to the NASDAQ® Stock Market |
- Why is Odyssey Marine Exploration moving to the NASDAQ Stock Market?
Odyssey has chosen to move to NASDAQ to join other industry leaders in technology and innovations on the world's largest electronic, screen-based equity securities market and the largest equity securities market in the world based on share volume.
"This decision was reached after careful consideration of capital market alternatives and analysis of the electronic market model, which provides added visibility to our investors," said John Morris, Odyssey Marine Exploration CEO and co-founder. "We believe that NASDAQ's electronic multiple market maker structure will provide Odyssey with enhanced exposure and liquidity, while at the same time providing investors with the best prices, the fastest execution, and the lowest cost per trade. We feel the move to NASDAQ is an important step towards future growth of the Company."
- When will the switch occur?
Odyssey stock will cease trading on the American Stock Exchange at the close of trading on Monday, July 9, 2007. It will begin trading on the NASDAQ at the start of trading the next morning, Tuesday, July 10, 2007.
- Will the trading symbol change?
Yes, the old trading symbol OMR will be removed from active listing. The new trading symbol will be NASDAQ: OMEX.
- As a shareholder, what do I have to do?
You don't have to do anything. As a current shareholder, your shares are automatically moved to the new stock symbol at the current market price. If you hold the actual stock certificate, you do not need to replace it. At such time as you might sell the shares represented on the certificate, they will be automatically recognized by the transfer agent as Odyssey stock under the new symbol on the NASDAQ Stock Market.
- How will the share price on opening day be set for the new stock symbol?
The share price on opening day will be set by the market price as established by NASDAQ, based on the market price at closing the prior trading day.
- How is this different from a new public offering of stock?
This is not a new public offering for the purpose of raising additional capital. Rather, it is a transfer of all of the outstanding shares from the American Stock Exchange to the NASDAQ Stock Market. As a result there is no change to the number of outstanding shares and their ownership.
- Does the NASDAQ Stock Market operate differently from the American Stock Exchange where Odyssey has been listed?
Yes, the NASDAQ is a screen based electronic stock market whereas the American Stock Exchange is an auction market. To understand the differences, you should contact an investment professional. The NASDAQ Stock Market is subject to regulation by the Securities and Exchange Commission.
- Where do I get more information on how NASDAQ works?
NASDAQ has an excellent website at www.nasdaq.com. The various tabs at this site give you useful information on the history of the exchange, how it operates, new listings, and much more.
- Do I have to change brokers? What if I use an online brokerage service?
Any existing broker or brokerage relationship that you have should be able to trade your Odyssey stock, just as you have in the past. This includes online brokerage services.
| |