OceanTech Acquisitions I in a proxy filing outlined its proposed merger with Israel-based Regentis Biomaterials. The pro forma equity valuation of the combined company at deal announcement was estimated to be approximately $133.6 million, which assumed no redemptions.
A vote date has not yet been announced.
There is a $6 million minimum cash condition to close the deal, according to the proxy. OceanTech’s sponsor has agreed to use reasonable best efforts to raise additional funding via a PIPE.
Redemptions ahead of an extension vote in May removed 66% of the SPAC’s remaining cash in trust, leaving about $8.8 million (812,715 shares outstanding).
In March, the SPAC’s original management sold the sponsor holdings to a new team, which signed the definitive merger agreement in May with Regentis. Read more.
