OceanTech Acquisitions I said $30,000 was deposited into the company’s trust to extend its completion deadline until April 2.
Shareholders approved the deal last month, with REgentis Biomaterials although final redemptions reached 99.9% and there is a $6 million minimum cash condition to close the deal, according to the amended proxy filed in January. Following the merger vote, the SPAC had about $143,000 remaining in trust.
OceanTech’s sponsor has agreed to use reasonable best efforts to raise additional funding via a PIPE.
Israel-based Regentis is a regenerative medicine company developing tissue repair solutions. Read more.
