OceanTech Acquisitions I today disclosed that on May 30 stockholders redeemed 1,035,788 shares, resulting in a payout of more than $11 million from the trust (approximately $10.84 per share). The SPAC’s trust account now holds approximately $8.8 million.
Shareholders late last month approved an extension of up to a year in monthly increments. The sponsor on June 1 deposited $30,000 into the company’s trust for the first month.
OceanTech I in February called off a proposed merger with fintech Majic Wheels by mutual agreement and last October terminated a deal with Captura Biopharma. In March, the original management team sold the sponsor holdings to a new team, which three weeks ago announced a definitive merger agreement with Israel-based Regentis Biomaterials at a $95 million valuation. Read more.
