OceanTech I (NASDAQ:OTEC) announced this morning that it will postpone its special meeting originally scheduled for today for 11:30 ET May 30.
Shareholders are to meet virtually to consider extending OceanTech I’s transaction deadline from by up to one year from June 2 to June 2, 2024 in one-month increments. OceanTech I’s new sponsor has offered to contribute $30,000 to its trust for each of these one-month extensions.
The SPAC sold its sponsor economics and transitioned management in March. The new team announced a $95 million combination with regenerative medicine company Regentis earlier this month.
OceanTech I must maintain at least $6 million in cash available in order for this deal to close and it currently has about $20 million in its trust. Although it has not yet supplemented this with additional committed capital, it still has some time to firm up agreements to keep more cash in its pot.
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...