One Equity Partners Open Water I Corp. held a special meeting on December 1, 2022, where stockholders approved an early termination amendment, changing the deadline for a business combination from January 26, 2023 to December 8, 2022. The Company plans to redeem public shares at $10.00 per share due to the inability to finalize a business combination by the new deadline. The mandatory redemption is expected to occur on or about December 9, 2022, with final trading on Nasdaq scheduled for December 8, 2022.
One Equity Partners Open Water I Corp. (NASDAQ: OEPW) has filed a preliminary proxy statement to request stockholder approval for amendments to its Charter. This will allow the Company to redeem all outstanding public shares and liquidate by December 30, 2022. OEPW's management attributed this decision to unfavorable market conditions, difficulties in finding suitable business combinations, and potential tax liabilities post-December 31, 2022. A special meeting for stockholders will be held later this year to vote on these amendments.
On June 4, 2021, One Equity Partners Open Water I Corp. (NASDAQ: OEPW) announced receipt of a deficiency letter from NASDAQ for failing to timely file its Form 10-Q for the quarter ended March 31, 2021. This delay arose from the SEC's April 12, 2021, guidance on accounting for SPACs' warrants, prompting re-evaluation of financial statements. The Company plans to submit a Compliance Plan within 60 days and expects to file the overdue Form 10-Q shortly. It asserts this change will not impact its acquisition strategy or financial performance.