OceanTech Acquisitions I said it will extend the period of time it has to consummate its initial business combination by six months from June 2 to Dec. 2. The sponsor intends to purchase 1,548,900 private placement warrants at $1 each by depositing $1,548,900 (15 cents a share) into the SPAC’s trust prior to June 2, allowing for the extension. OceanTech said it will announce the closing and deposit of the funds prior to the June 2 deadline.
OceanTech I raised $100 million in a May 2021 IPO. The SPAC has said it will draw upon management’s experience in marine and IT industries to target a potential business combination. Read more.
