OceanTech Acquisitions I in a proxy filing scheduled a Nov.23 meeting for shareholders to vote on a proposed merger deadline extension that would give the SPAC until June 2, 2023 to seal a deal.
If approved, the extension would run on a monthly basis with the SPAC’s sponsor depositing $125,000 into the trust for each month required.
OceanTech two weeks ago terminated a $120 million deal with Captura Biopharma by mutual agreement.
The SPAC said if redemptions hit 86% ahead of the vote or reduces the trust to $5 million or less, it will not proceed with an extension. Read more.
