OceanTech Acquisitions I in a proxy filing seeks shareholder approval to convert sufficient founder shares into Class A shares that would satisfy the Nasdaq’s continued listing requirements. A shareholders vote is expected this month, although a precise date has not been published.
The SPAC had said in late July that, despite its submission of a plan to regain compliance with the Nasdaq’s $35 million minimum market value listing rule, the exchange warned trading in OceanTech stock would be suspended Aug. 3. OceanTech appealed.
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.
OceanTech I first received a delisting warning from the Nasdaq in January.
Redemptions ahead of an extension vote in June 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.
