OCA Acquisition in an 8-K filing today disclosed that 11,049,283 of its common shares were redeemed by the deadline ahead of tomorrow's shareholder vote to extend the SPAC's termination date by up to nine months.
At that volume, OCA would have lost about $113.8 million from its trust, based on the stock's Jan. 13 closing price of $10.28. The SPAC held $149.5 million in trust ahead of the extension proposal.
The SPAC is targeting U.S. businesses in the technology-enabled business services, including healthcare and education, or financial services sectors, with an enterprise value of $750 million to $1 billion. Read more.
Source: OCA Acquisition Redemptions Hit 76% Ahead of Tomorrow's Extension Vote