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OceanTech Acquisitions I Corp. (OTECU) has announced the termination of its merger agreement with Captura Biopharma, Inc. The mutual decision to end the Business Combination Agreement means OceanTech will explore alternative business combinations. OceanTech is a special purpose acquisition company looking to engage in mergers and similar transactions.
This decision underscores the dynamic nature of SPAC operations as they seek valuable partnerships and investments.
Captura Biopharma is set to revolutionize treatment for transuranic radiation contamination and heavy metal poisoning through its innovative oral chelator drug, C2E2. In a definitive merger with OceanTech Acquisitions I Corp. (OTECU), Captura will become a publicly listed company, aiming to address the multi-billion-dollar market for urgent nuclear contamination treatments. The merger is expected to close in Q4 2022, subject to SEC approval. The C2E2 drug, a tasteless oral powder, promises easy administration and storage, potentially transforming emergency response protocols.
OceanTech Acquisitions I Corp. (OTECU) has deposited
OceanTech Acquisitions I Corp. (NASDAQ: OTECU) announced a six-month extension to finalize its initial business combination, moving the deadline from June 2, 2022, to December 2, 2022. To facilitate this extension, the Sponsor intends to purchase 1,548,900 private placement warrants at $1.00 each, depositing a total of $1,548,900 into the trust account before the June deadline. This special purpose acquisition company is focused on mergers within the leisure marine, yachting, and superyachting sectors, targeting businesses valued between $250 million and $1 billion.
OceanTech Acquisitions I Corp. (NASDAQ: OTECU) announced the separation of its Units into Class A common stock and Public Warrants, effective July 19, 2021. Each Unit consists of one share of Class A common stock and a Public Warrant, which allows the purchase of additional shares at $11.50 each. Public Warrants will trade under the symbol 'OTECW', and Class A common stock under 'OTEC'. This move provides shareholders with flexibility in managing their investments, while the company continues to seek acquisition targets in the leisure marine industry, focusing on businesses valued between $250 million and $1 billion.
OceanTech Acquisitions I Corp. (Nasdaq:OTECU) has successfully closed its IPO, offering 10 million units at $10.00 each. Trading began on May 28, 2021, under the symbol 'OTECU.' Each unit comprises one Class A common stock and one redeemable warrant for $11.50 per share. The underwriters received a 45-day option for an additional 1.5 million units to cover over-allotments. Maxim Group LLC served as the sole book-running manager. OceanTech aims for mergers and acquisitions in the marine leisure and yachting sectors, targeting firms valued between $250 million and $1 billion.
OceanTech Acquisitions I Corp. (Nasdaq: OTECU) has announced its initial public offering, pricing 10,000,000 units at $10.00 each. The units will begin trading on Nasdaq under the symbol 'OTECU' on May 28, 2021. Each unit includes one share of Class A common stock and one redeemable warrant for purchasing stock at $11.50 per share. Maxim Group LLC is the sole book-running manager for this offering, which is set to close on June 2, 2021. The offering also includes a 45-day option for underwriters to purchase an additional 1,500,000 units.
