OceanTech Acquisitions I today announced a definitive merger agreement with Israel-based Regentis Biomaterials at a $95 million valuation.
Regentis is a regenerative medicine company developing tissue repair solutions.
Terms of the all-stock deal call for Regentis shareholders to receive $95 million of OceanTech shares, subject to adjustment.
Certain outstanding options and warrants to acquire Regentis capital stock would be assumed by OceanTech. The transaction also includes a contingent earnout payable to the SPAC's sponsor for up to 1.75 million shares after closing.
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).
OceanTech in a proxy filed last month laid out a proposal to move its termination date from June 2, the two-year anniversary of its IPO, until June 2, 2024.
To-date, OceanTech has made two unsuccessful attempts to reach the altar. The SPAC in February called off a proposed merger with fintech Majic Wheels by mutual agreement and last October terminated a deal with Captura Biopharma.
OceanTech in March underwent a complete change in management after the original sponsors sold their holdings to a new team.
The SPAC raised $100 million in a May 2021 IPO with initial plans to target marine and IT industries.
Source: Regentis Biomaterials Combining with OceanTech Acquisitions I in M Deal