Odyssey Marine Exploration Inc. (NASDAQ:OMEX) shares are trading higher Thursday, extending the momentum from a major intraday spike driven by reports of a forthcoming U.S. executive order favoring the deep-sea mining industry.
What To Know: The rally builds on Thursday's earlier surge, when shares more than doubled following a Reuters report indicating that President Donald Trump is expected to sign an executive order designed to bypass international regulations in favor of a domestic permitting process.
The anticipated order would allow U.S.-based companies to seek deep-sea mining permits directly through the National Oceanic and Atmospheric Administration (NOAA) rather than the United Nations-backed International Seabed Authority. The move could significantly reduce regulatory friction for firms operating in this space, which investors appear to interpret as a catalyst for Odyssey Marine's stalled projects.
Odyssey, a Florida-based seafloor mineral exploration firm, is one of the few public companies in the U.S. with specialized capabilities and proprietary technology in deep-ocean mining. The prospect of a streamlined regulatory framework is being viewed as a potential unlock for billions in untapped undersea resources, including nickel, copper and rare earth elements critical for both the tech and defense industries.
Investors are betting that the policy shift could breathe new life into Odyssey's dormant projects in Mexican and South Pacific waters. The stock's continued upward movement suggests that speculation around this geopolitical development is driving renewed interest and positioning in the company.
OMEX Price Action: Odyssey Marine shares were up 76.0% at $1.49 at the time of writing, according to Benzinga Pro.
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