OceanLight Acquisition Corporation Announces Exercise of Over-Allotment Option

Rhea-AI Summary

OceanLight Acquisition Corporation (Nasdaq: OCLTU) announced that underwriters exercised their over-allotment option to purchase an additional 1,500,000 units at $10.00 per unit, increasing total units sold in its IPO to 11,500,000. The over-allotment closing is expected on August 24, 2026, subject to customary conditions.

Each unit comprises one ordinary share, one right to receive one-fourth of one ordinary share upon completion of the initial business combination, and one redeemable warrant. Each whole warrant allows purchase of one ordinary share at an exercise price of $11.50, subject to adjustment. The units trade on the Nasdaq Global Market under ticker OCLTU, with the ordinary shares, rights and warrants expected to trade separately under OCLT, OCLTR and OCLTW, respectively. Polaris Advisory Partners acted as sole book-running manager, and the offering was made under an effective SEC Form S-1 registration.

Positive

• Over-allotment exercised for 1,500,000 additional units at $10.00 each
• Total IPO size increased to 11,500,000 units sold

Negative

• None.

News Explained

The underwriters have exercised the option, but its closing remains conditional; if completed, the additional 1,500,000 units will each add one ordinary share, increasing total shares and reducing existing holders’ percentage ownership absent offsetting changes.

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NEW YORK, Aug. 24, 2026 (GLOBE NEWSWIRE) -- OceanLight Acquisition Corporation (Nasdaq: OCLTU, the “Company”) announced today that the underwriters of its recently announced initial public offering exercised their over-allotment option to purchase an additional 1,500,000 units at the public offering price of $10.00 per unit, bringing the total units sold to 11,500,000. The closing of the over-allotment option is expected to occur on August 24, 2026, subject to the satisfaction of customary closing conditions.

Each unit consists of one ordinary share, one right to receive one-fourth (1/4) of one ordinary share upon the consummation of the Company’s initial business combination, and one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one ordinary share at an exercise price of $11.50 per share, subject to adjustment. The units are listed on The Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “OCLTU” on August 7, 2026. Once the securities comprising the units begin separate trading, the ordinary shares, rights and warrants are expected to be listed on Nasdaq under the symbols “OCLT,” “OCLTR,” and “OCLTW,” respectively.

Polaris Advisory Partners LLC, a division of Kingswood Capital Partners LLC, served as the sole book-running manager for the offering.

Celine and Partners, P.L.L.C. served as legal counsel to the Company. O’Melveny & Myers LLP served as legal counsel to Polaris Advisory Partners LLC. OceanLight Capital Sponsor Ltd. is the sponsor of the Company.

A registration statement on Form S-1 relating to the securities (File No. 333-296802) was previously filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on August 7, 2026. This offering was made only by means of a prospectus forming part of the effective registration statement. Copies of the prospectus may be obtained on the SEC’s website at http://www.sec.gov. Copies of the prospectus may also be obtained, when available, by contacting Kingswood Capital Partners, LLC, 126 East 56th Street, Suite 22S, New York, NY 10022, by calling 212-487-1080, or by emailing Syndicate@kingswoodUS.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About OceanLight Acquisition Corporation

The Company is a blank check company incorporated in the Cayman Islands as an exempted company with limited liability for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region. The Company is led by Mr. Ping Zhang, the Company’s Chairman, Chief Executive Officer and Chief Financial Officer.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination and the anticipated use of the net proceeds of the offering. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:
Ping Zhang
Chief Executive Officer
OceanLight Acquisition Corporation
(212) 574-4425

FAQ

What did OceanLight Acquisition Corporation (Nasdaq: OCLTU) announce about its over-allotment option on August 24, 2026?

OceanLight Acquisition Corporation reported that underwriters exercised their over-allotment option to buy 1,500,000 additional units at $10.00 each. According to the company, this raises the total initial public offering size to 11,500,000 units, with closing expected on August 24, 2026, subject to customary conditions.

How many total IPO units has OceanLight Acquisition Corporation (OCLTU) sold after the over-allotment exercise?

After the over-allotment exercise, OceanLight Acquisition Corporation has sold a total of 11,500,000 units. According to the company, underwriters purchased an additional 1,500,000 units at the public offering price of $10.00 per unit, expanding the initial public offering beyond the base amount.

What does one OceanLight Acquisition Corporation (OCLTU) unit include for investors?

Each OceanLight unit includes one ordinary share, one right and one redeemable warrant. According to the company, each right converts into one-fourth of one ordinary share upon the initial business combination, and each whole warrant allows purchase of one ordinary share at an $11.50 exercise price, subject to adjustment.

When is the closing of OceanLight Acquisition Corporation’s over-allotment expected to occur?

The closing of the over-allotment option is expected to occur on August 24, 2026. According to OceanLight Acquisition Corporation, this timing remains subject to the satisfaction of customary closing conditions typically associated with underwriter over-allotment exercises in an initial public offering.

What are the Nasdaq ticker symbols for OceanLight Acquisition Corporation’s shares, rights and warrants after unit separation?

Once separate trading begins, OceanLight’s ordinary shares, rights and warrants are expected to trade as OCLT, OCLTR and OCLTW. According to the company, the combined units currently trade on the Nasdaq Global Market under the symbol OCLTU, following the August 7, 2026, IPO launch.

What is the exercise price of OceanLight Acquisition Corporation (OCLT) warrants issued in the IPO units?

Each whole warrant from OceanLight’s units entitles the holder to buy one ordinary share at $11.50. According to the company, this exercise price is subject to adjustment under the warrant terms, giving investors potential future share purchase rights beyond the initial unit share and right components.