OceanTech Acquisitions I in an 8-K disclosed it will sell 2,581,500 shares of Class B common stock, par value $0.0001 per share, and 5,869,880 Private Placement Warrants, each of which is exercisable to purchase one share of Class A common stock at $1 each.
The SPAC's new sponsor will convey 250,000 Class B shares to the original sponsor, pro rata based on the original sponsor's underlying interest in the Class B stock, and 250,000 warrants.
There will also be a complete change in management with new officers and directors.
OceanTech I last month called off a proposed merger with fintech Majic Wheels by mutual agreement and last October terminated a deal with Captura Biopharma.
The SPAC raised $100 million in a May 2021 ipo. Read more.
Source: OceanTech I Selling Sponsor Shares