OCA Acquisition said it its board approved a draw down of $90,000 under a promissory note with the sponsor to extend SPAC’s completion date to June 20. The sponsor has agreed to convert the principal amount outstanding under the note into warrants at $1 each, upon closing of a business combination.
OCA in December announced a $2 billion deal with Powermers Smart Industries (PSI).
PSI offers modern engineering and fleet management solutions to transform the commercial transportation and industrial equipment industries on a global scale. PSI has built an ecosystem of partners, with a large and growing fulfillment capacity, that leverages platform-based solutions to shorten R&D cycles, reduce capital expenditure requirements and accelerate commercialization, according to a press release announcing the deal.
Terms of the merger call for all existing Powermers stockholders to roll 100% of their equity into the combined entity.
OCA lost about 76% of its $149.5 million trust value ahead of a January 2023 extension vote.
