OceanTech Acquisitions I said it has postponed today's vote on a deadline extension until May 30 at 11:30 a.m. EDT.
The SPAC seeks up to an additional year to complete a deal, with the proposal calling for monthly extensions from June 2 until June 2, 2024, if necessary. If approved, the sponsor would pump $30,000 a month into trust as consideration to shareholders.
OceanTech I in February called off a proposed merger with fintech Majic Wheels by mutual agreement and last October terminated a deal with Captura Biopharma. In March, the original management team sold the sponsor holdings to a new team, which three weeks ago announced a definitive merger agreement with Israel-based Regentis Biomaterials at a $95 million valuation.
Regentis' current efforts are focused on orthopedic treatments using its Gelrin platform based on resorbable hydrogel implants to regenerate damaged or diseased tissue. Gelrin is a unique hydrogel matrix of polyethylene glycol diacrylate (a polymer involved in tissue engineering) and denatured fibrinogen (a biologically inactivated protein that normally has a role in blood clotting).
The SPAC raised $100 million in an ipo two years ago with initial plans to target marine and IT industries.
Source: OceanTech Acquisitions I Pushes Extension Vote to May 30