Oceanhawk Acquisition (NASDAQ: OHACU) director reports sponsor SPAC stake on Form 3
Rhea-AI Filing Summary
Oceanhawk Acquisition Corp. director and 10% owner Michael Maggard filed an initial ownership report showing indirect holdings through Oceanhawk Acquisition I Sponsor LLC. The sponsor holds 300,000 Class A ordinary shares as part of 300,000 private placement units purchased at $10.00 per unit.
The filing also reports 5,750,000 Class B ordinary shares held indirectly, including up to 750,000 shares that may be forfeited if underwriters do not fully exercise their over-allotment option. In addition, the sponsor holds 75,000 rights, each entitling the holder to receive one-fourth of one Class A ordinary share upon completion of an initial business combination without additional payment.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Maggard Michael
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Rights | -- | -- | -- |
| holding | Class B Ordinary Shares | -- | -- | -- |
| holding | Class A Ordinary Shares | -- | -- | -- |
Holdings After Transaction:
Rights — 75,000 shares (Indirect, By Oceanhawk Acquisition I Sponsor. LLC);
Class B Ordinary Shares — 5,750,000 shares (Indirect, By Oceanhawk Acquisition I Sponsor. LLC);
Class A Ordinary Shares — 300,000 shares (Indirect, By Oceanhawk Acquisition I Sponsor. LLC)
Footnotes (7)
- F1. Upon completion of initial business combination
- F2. Upon liquidation if no business combination is completed
- F3. Mr. Maggard is the manager of Oceanhawk Acquisition I Sponsor LLC and indirectly holds voting and investment discretion with respect to the securities held of record by Oceanhawk Acquisition I Sponsor LLC.
- F4. Includes up to 750,000 Class B Ordinary Shares subject to forfeiture to the extent the underwriters' over-allotment option is not exercised in full.
- F5. The class A Ordinary Shares are held as part of 300,000 private placement units purchased by Oceanhawk Acquisition I Sponsor LLC at $10.00 per unit
- F6. Each right entitles the holder to receive one-fourth (1/4) of one Class A ordinary share upon consummation of an initial business combination.
- F7. Each right entitles the holder to receive one-fourth (1/4) of one Class A ordinary share upon consummation of an initial business combination, without the payment of any additional consideration.
Key Figures
Class A ordinary shares held: 300,000 shares
Class B ordinary shares held: 5,750,000 shares
Rights held: 75,000 rights
+3 more
6 metrics
Class A ordinary shares held
300,000 shares
Indirectly held via sponsor; part of private placement units
Class B ordinary shares held
5,750,000 shares
Indirectly held via sponsor; includes shares subject to forfeiture
Rights held
75,000 rights
Each right tied to one-fourth of one Class A share upon business combination
Private placement unit price
$10.00 per unit
300,000 units purchased by sponsor containing Class A shares and rights
Rights exercise price
$0.00
No additional consideration required when rights convert after business combination
Over-allotment forfeiture cap
750,000 Class B shares
Maximum Class B shares subject to forfeiture if over-allotment not exercised
Key Terms
private placement units, over-allotment option, initial business combination, rights, +1 more
5 terms
private placement units financial
"The class A Ordinary Shares are held as part of 300,000 private placement units purchased..."
over-allotment option financial
"Includes up to 750,000 Class B Ordinary Shares subject to forfeiture to the extent the underwriters' over-allotment option is not exercised..."
An over-allotment option is a special agreement that allows underwriters to sell more shares than initially planned if demand is high. Think of it like a retailer offering extra units of a popular product to meet additional customer interest. This option helps ensure the full sale is completed and can also give investors extra shares if they want more.
initial business combination financial
"Each right entitles the holder to receive one-fourth (1/4) of one Class A ordinary share upon consummation of an initial business combination..."
An initial business combination is the deal in which a special-purpose acquisition company (SPAC) merges with or acquires an operating business to bring that business onto public markets. Think of the SPAC as an empty shell that raises money from investors, then uses that cash to buy a private company—this transaction turns the private company into a public one and often changes its ownership, valuation, and access to capital, so investors should watch for shifts in risk, future growth prospects, and shareholder rights.
rights financial
"The filing also reports ... 75,000 rights, each entitling the holder to receive one-fourth of one Class A ordinary share..."
Rights are special privileges that give existing shareholders the opportunity to buy additional shares of a company's stock before they are offered to the public. They help investors maintain their ownership percentage and can be seen as a way to protect their investment stake. Think of rights like a VIP pass allowing current investors to purchase new shares first, ensuring they can preserve their influence in the company.
voting and investment discretion financial
"Mr. Maggard is the manager ... and indirectly holds voting and investment discretion with respect to the securities held of record..."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What does Michael Maggard report owning in Oceanhawk Acquisition Corp. (OHACU)?
Michael Maggard reports indirect ownership of Class A and Class B ordinary shares and rights through Oceanhawk Acquisition I Sponsor LLC. The position includes 300,000 Class A shares, 5,750,000 Class B shares, and 75,000 rights linked to future Class A shares.
What are the rights reported on the Oceanhawk (OHACU) Form 3?
The filing lists 75,000 rights held indirectly through the sponsor entity. Each right entitles the holder to receive one-fourth of one Class A ordinary share upon consummation of an initial business combination, without any additional consideration being paid at that time.
Does Michael Maggard hold Oceanhawk (OHACU) securities directly or indirectly?
All reported securities are held indirectly through Oceanhawk Acquisition I Sponsor LLC. A footnote explains that Maggard is the sponsor’s manager and indirectly holds voting and investment discretion over the securities recorded in the name of the sponsor entity.