OceanTech Acquisitions I said shareholders voted in favor of merging with Regentis Biomaterials. Support was overwhelming with 2,965,975 shares voted to approve and only 2,549 dissenting.
However, the SPAC lost $9.2 million of its remaining cash in trust, leaving about $143,000. The SPAC raised $100 million in a May 2021 IPO. Since then, it had secured and terminated two deals before reaching a business combination agreement with Regentis.
Israel-based Regentis is a regenerative medicine company developing tissue repair solutions.
There is a $6 million minimum cash condition to close the deal, according to the amended proxy filed last month. OceanTech’s sponsor has agreed to use reasonable best efforts to raise additional funding via a PIPE.
The 8-K disclosing vote results did not state a timetable for when the deal might close. Read more.
