OceanTech Acquisitions I in an 8-K said the Jan. 22 meeting for shareholders to vote on a merger with Regentis Biomaterials has been pushed to Feb. 9 at 10:30 a.m. Eastern. As a result, the redemption deadline has been extended to Feb. 7 at 5 p.m.
The filing does not disclose a reason for the delay.
There is a $6 million minimum cash condition to close the deal, according to the amended proxy filed last month. OceanTech's sponsor has agreed to use reasonable best efforts to raise additional funding via a PIPE.
Redemptions ahead of an extension vote last May removed 66% of the SPAC's remaining cash in trust, leaving about $8.8 million. The Regentis deal was announced at a $95 million valuation a few weeks before the extension vote.
Israel-based Regentis is a regenerative medicine company developing tissue repair solutions. Read more.