OceanTech Acquisitions I in an 8-K said shareholders approved a plan to convert sufficient founder shares into Class A stock — an effort to regain compliance with the Nasdaq’s continued listing requirements.
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 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 in October 2022 terminated a deal with Captura Biopharma. Read more.
