SCHEDULE: Two Seas Capital Discloses 9.99% Stake in Odyssey Marine

Two Seas Capital LP, along with its affiliates, has reported a 9.99% beneficial ownership stake in Odyssey Marine Exploration Inc., held for investment purposes.

Summary

• Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi collectively reported beneficial ownership of 5,084,883 shares of Odyssey Marine Exploration Inc. common stock.
• This represents 9.99% of the company's outstanding common stock, calculated based on 50,384,858 shares outstanding as of September 24, 2025, plus exercisable warrants.
• The reported shares include 4,570,011 shares held by the Two Seas Global (Master) Fund LP and 514,872 shares obtainable within 60 days through the exercise of warrants.
• The total warrants held by the Opportunities Fund and Global Fund are 183,977 and 1,072,407 respectively, subject to beneficial ownership limitations.
• The Reporting Persons have sole voting and dispositive power over these 5,084,883 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The disclosure of a significant 9.99% passive stake by an investment firm is generally viewed as a neutral to slightly positive signal, indicating an institutional investor sees value in the company without intending to disrupt management or strategy.

Positives

• A significant institutional investor, Two Seas Capital, has taken a substantial 9.99% stake in Odyssey Marine Exploration Inc., potentially signaling confidence in the company's long-term prospects.
• The investment is stated to be for ordinary course of business, indicating a passive, long-term investment strategy rather than an activist one.

Risks

• The filing itself does not detail specific risks related to Odyssey Marine Exploration Inc.'s operations or financial health. It only states the nature of the investment.
• As a passive investment, Two Seas Capital does not intend to influence control, which means their significant stake may not lead to immediate strategic changes or governance improvements.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by an institutional investor may provide a degree of confidence or validation for existing shareholders, suggesting that a professional entity sees value in the company. It could also imply increased liquidity if the investor decides to adjust their position in the future.

Key Dates

Recommendation

The filing indicates a significant, passive institutional investment, which is generally a neutral to slightly positive signal. However, it provides no new operational or financial performance data for Odyssey Marine Exploration Inc. to warrant a stronger recommendation. Investors should hold and await further company-specific news or financial reports for a more comprehensive assessment.

Keywords

Odyssey Marine Exploration, Two Seas Capital, Schedule 13G, Beneficial Ownership, Common Stock, Investment Adviser, Sina Toussi, Equity Stake, SEC Filing, Marine Exploration