OceanTech Acquisitions I said it expects to enter into an equity line purchase agreement with a committed investor in which the SPAC will have the right to issue and sell to the investor up to $10 million in newly issued fully paid shares. The SPAC expects to receive an advance under the agreement upon the closing of its business combination with Regentis Biomaterials.
Regentis is a regenerative medicine company developing tissue repair solutions.
OceanTech 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.
The SPAC also said its market maker received FINRA approval to quotes the SPAC’s stock OTC under the ticker symbol OTAC, and the company has resumed trading over the counter.
OceanTech’s completion date is May 2, although there is one more month available under an extension plan. Read more.
