StreetSweeper: Odyssey Marine Is A 'Shipwreck' - Odyssey Marine Explr (NASDAQ:OMEX)

Shares of Odyssey Marine Exploration Inc

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(NASDAQ: OMEX) were little changed on Thursday despite

The Street Sweeper's Sonya Colberg describing the company as a "shipwreck."According to Colberg, the former shipwreck recovery company turned undersea mineral explorer is "playing sweet tunes designed to convince investors that the inevitable won't happen."Colberg offered 7 reasons why investors should expect trouble ahead for the stock.1. "Cash Poor:" Odyssey burns through around $4.3 million in cash per quarter and $17 million per year.2. "Looming Dilution:" Odyssey's lender has been granted the right to convert every penny of debt outstanding into stock at $5 per share.3. "Blame Game:" Odyssey has established a record of blaming others for their troubles.4. "Most Assets Sold:" In exchange for cash and reduced debt obligations, Odyssey sold "most everything" ranging from its shipwreck database, recovered items and its headquarters.5. "Extensive Stock Dilution:" A recent stock purchase deal of up to $101 million is in fact a debt restructuring deal with a "long string of conditions attached" including a conversion to stock that poses extensive dilution to shareholders.6. "Stock Hype:" Stock promoters are active in hyping Odyssey's stock in multiple campaigns over the past few years.7. "Familiar Recent Stock Action:" Finally, shares of Odyssey have gained on hype that the Mexican government could approve a permit application filed by the company. However, "nobody really knows" what the eventual outcome might be and the company "has historically struggled" with similar government regulations in the past.