Futu News reported on September 18th that deep-sea exploration company $Odyssey Marine Exploration (OMEX.US)$ The stock surged significantly in pre-market trading today. As of the time of publication, the stock is up 107.54% to $1.03, with pre-market trading volume reaching $1.0773 million, and it surged over 135% at one point before the market opened. It's also worth mentioning that the stock plummeted nearly 90% yesterday.

On the news front, the company announced yesterday that it won the arbitration case in the North American Free Trade Agreement (NAFTA). Odyssey has received an arbitration award notification from the International Centre for Settlement of Investment Disputes (ICSID) regarding the claim filed by Odyssey and its subsidiary, Exploraciones Oceánicas S. de R.L. de C.V. (ExO), against Mexico. The award requires Mexico to pay $37.1 million for its violation of NAFTA obligations. In addition, Mexico is also required to pay compound interest calculated at the Mexican annual government bond interest rate from October 12, 2018, until the full payment date, as well as arbitrator fees and ICSID administrative expenses. The award amount is the net value after deducting Mexican taxes, and Mexico is not allowed to tax the award amount. Odyssey expects that most or all of the proceeds from the award will be used to satisfy its litigation financing obligations.

About the company

Odyssey Marine Exploration is a deep-sea exploration company that provides professional mineral exploration, project development, and marine services. It is committed to working with governments to discover, validate, and develop underwater mineral deposits in exclusive economic zones, such as phosphate (fertilizer) and polymetallic nodules (battery metals).

It is worth mentioning that according to Futu News, there are many instances of small market cap US stocks experiencing significant volatility due to the absence of price limits, posing higher risks for investors who should therefore be cautious.