OceanTech Acquisitions I announced that its merger agreement with Captura Biopharma has been terminated by mutual agreement. The SPAC said it will seek an alternative business combination.
Just days ago OceanTech filed a preliminary proxy in which it proposed a merger deadline extension from Dec. 2 until June 2, 2023. The SPAC in the proxy said it needed more time to finalize the Captura deal.
Announced in August, the deal was to deliver $120 million to Captura, minus any debt on the target’s books and assuming no SPAC share redemptions. Captura shareholders also stood to gain 2 million payout shares if the FDA approves the company’s radionuclide decorporation agent under development. Read more.
