OceanTech Acquisitions I in an 8-K said that, despite filing a plan to regain compliance with the Nasdaq’s $35 million minimum market value listing rule, the exchange warned trading in the SPAC’s stock would be suspended Aug. 3.
On July 24, the company submitted a plan to regain compliance, stating it is working with its investment bankers and financial advisors to ensure a market value of at least $35 million for continued listing.
In March, the original management team sold the sponsor holdings to a new team, which signed a definitive merger agreement with Israel-based Regentis Biomaterials at a $95 million valuation. However, the Nasdaq responded that the SPAC’s minimum market value still had not been met within the complaince period, leading to the decision to suspend trading.
The SPAC today said it appealed the Nasdaq’s decision and wired the exchange a $20,000 fee for an Aug. 1 hearing on the matter.
OceanTech I first received a delisting warning from the Nasdaq in January.
Redemptions ahead of an extension vote last month removed 66% of the SPAC’s remaining cash in trust, leaving about $8.8 million.
OceanTech I in February called off a proposed merger with fintech Majic Wheels by mutual agreement and last October terminated a deal with Captura Biopharma. Read more.
