OceanTech Acquisition I Corp. (OTEC) Postpones Extension Vote

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.