The company recovered the gold during a reconnaissance dive to the SS Central America shipwreck on April 15. The Florida-based company found five gold ingots and two $20 Double Eagle coins during the dive. One coin was minted in 1857 in San Francisco, and the other was minted in 1850 in Philadelphia.
Odyssey conducted the two-hour dive during the transit of the Odyssey Explorer research vessel from the U.K to Charleston, S.C. under contract with Recovery Limited Partnership, which will receive the vessel. Odyssey will receive 80% of recovery fund until a fixed mobilization fee and a negotiated day rate are paid by RLP. After that, Odyssey will receive 45% of the recovery proceeds.
Must read: Warren Buffett's 10 Favorite Growth Stocks
TheStreet Ratings team rates ODYSSEY MARINE EXPLORATION as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ODYSSEY MARINE EXPLORATION (OMEX) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk."