OceanTech Acquisitions I today announced that it caused to be deposited $30,000 into the trust account, allowing the SPAC to extend its business combination deadline from May 2 to June 2. This is the twelfth of 12 monthly extensions currently permitted under the company’s governing documents. Further extensions would require another shareholder vote.
OceanTech shareholders in February approved a merger with Regentis Biomaterials, although final redemptions reached 99.9% and there is a $6 million minimum cash condition to close the deal.
Regentis is a regenerative medicine company developing tissue repair solutions.
OceanTech said it expects to secure an equity line purchase agreement with a committed investor in which the SPAC will have the right to issue and sell 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. Read more.
