OceanTech Acquisitions I in an 8-K said it deposited $30,000 into trust to extend its completiuon date to May 2. This is the 11th of 12 available monthly extensions the SPAC can deploy as it works to close its merger with Regentis.
The target is an Israel-based regenerative medicine company developing tissue repair solutions.
OceanTech I shareholders approved the deal in February, although final redemptions reached 99.9% and there is a $6 million minimum cash condition to close the deal, according to an amended proxy filed in January. Following the merger vote, the SPAC had about $143,000 remaining in trust. Read more.
OceanTech I Pushes Deadline Back a Month to Finalize Regentis Deal
