OceanTech Acquisitions I in a proxy filing laid out a proposal to move its termination date from June 2, the two-year anniversary of its IPO, until June 2, 2024.
The proxy does not mention any sweetening of the trust to incentivize shareholders into approving an extension, although the SPAC has already deposited nearly $2.13 million into trust for extensions since last June.
OceanTech thus far has made two unsuccessful attempts to reach the altar. The SPAC in February called off a proposed merger with fintech Majic Wheels by mutual agreement and last October terminated a deal with Captura Biopharma.
OceanTech in March underwent a complete change in management after the original sponsors sold their holdings to a new team.
The SPAC raised $100 million in a May 2021 IPO to target marine and IT industries. Read more.
