OceanTech Acquisitions I priced its IPO of 10 million units at $10 each.
Units begin trading today on the Nasdaq under OTECU. Each consists of one share of Class A common stock and one redeemable warrant. Whole warrants are exercisable at $11.50 for a share. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under OTEC and OTECW, respectively.
Maxim Group is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to 1.5 million additional units at the IPO price to cover any over-allotments.
The offering is expected to close June 2.
The new SPAC in the S-1 filed last month said it will draw upon management’s experience in marine and IT industries to target a poetntial business combination. Read more.
