Omagine, Inc., along with its affiliate, filed third amended joint plan of reorganization and related disclosure statement in the US Bankruptcy Court on May 7, 2022. As per the plan filed, equity interests are unimpaired and shall not be subject to any change in its holding. Priority tax claims are changed to governmental unit claims. Remaining cash will be used by reorganized debtor in there day to day business.

There is no other change in the treatment of any claim class.