OceanTech Acquisitions I in an 8-K said it was calling off its shareholder-approved merger with Regentis, after the Nasdaq confirmed the initial listing application for the post-closing company would not be approved.
The SPAC said it will redeem shares and dissolve.
OceanTech shareholders in February approved the merger with Regentis Biomaterials, although final redemptions reached 99.9% and there was a $6 million minimum cash condition to close the deal.
Regentis is a regenerative medicine company developing tissue repair solutions. The deal with OceanTech was announced a year ago at a $95 million valuation. Read more.
