Ocean Capital Acquisition Corp completed its IPO on June 10, 2026, selling 11,500,000 units at $10.00 each, including the full 1,500,000-unit over-allotment, for gross proceeds of $115,000,000. Each unit includes one ordinary share, one right to receive an additional share after a business combination, and one redeemable warrant exercisable at $11.50 per share.
The company also sold 150,000 private placement units at $10.00 each to its sponsor for $1,500,000. A total of $115,000,000 was placed in a U.S. trust account, while the June 10, 2026 balance sheet shows $115,000,007 in cash held in trust and $317,225 of cash outside the trust. All 11,500,000 public shares are redeemable at approximately $10.00 per share and are classified as temporary equity.
The auditor issued an unqualified opinion on the balance sheet but highlighted substantial doubt about the company’s ability to continue as a going concern. Ocean Capital has 12 months from the IPO closing, extendable up to 36 months with shareholder approval, to complete an initial business combination or else must cease operations, redeem public shares from the trust, and liquidate.
Ocean Capital Acquisition Corp ownership disclosure: Harraden-related entities and Frederick V. Fortmiller report beneficial ownership of 1,387,657 Ordinary Shares, representing 8.86% of the class as stated in the Schedule 13G. The filing attributes shared voting and dispositive power over these shares to the listed Harraden entities and Mr. Fortmiller, dated 06/16/2026.
Ocean Capital Acquisition Corporation is registering 10,000,000 units for a $100,000,000 initial public offering. Each $10.00 unit includes one ordinary share, one redeemable warrant exercisable at $11.50 per share, and one right to receive one ordinary share at the business combination.
The SPAC will place $10.00 per unit into a U.S. trust account, giving public shareholders redemption rights at cash equal to their pro rata share, subject to a 15% cap per holder and a minimum net tangible asset requirement of $5,000,001. It has 12 months, extendable up to 36 months with shareholder approval, to complete a business combination.
The sponsor bought 3,833,333 insider shares for $25,000 and will purchase 143,250 private units for $1,432,500, creating potential dilution. The vehicle and its management have significant ties to China and Hong Kong and may target a company in those markets, but will not acquire a PRC entity with a VIE structure and highlights extensive HFCAA and PRC regulatory risks.