OCA Acquisition Corp. Announces Extension of Deadline to Complete Business Combination

Rhea-AI Summary

OCA Acquisition Corp. (NASDAQ: OCAXU) has announced an extension for its business combination deadline from July 20, 2022, to January 20, 2023. This extension will allow the company more time to finalize a suitable acquisition. As part of this process, OCA's sponsor, OCA Acquisition Holdings LLC, will deposit $747,500, equivalent to $0.05 per public share, into the trust account by the original deadline. OCA aims to focus acquisitions within technology-enabled business services and financial services sectors, leveraging its sponsor’s extensive experience in Asia.

Positive

• Extension of business combination deadline until January 20, 2023 allows more time for strategic acquisitions.
• Sponsor's commitment to deposit $747,500 demonstrates confidence and support for the company.
• Focus on technology-enabled business services and financial sectors aligns with growth trends.

Negative

• Delay in business combination may reflect challenges in identifying suitable acquisition targets.
• Potential for reduced investor confidence due to extended timeline for business activities.

New York, NY, July 15, 2022 (GLOBE NEWSWIRE) -- OCA Acquisition Corp. (NASDAQ: OCAXU) (the “Company”) announced today that its board of directors has elected to extend the date by which the Company has to consummate a business combination from July 20, 2022 to January 20, 2023 (the “Extension”), as permitted under the Company’s Amended and Restated Certificate of Incorporation. In connection with the Extension, the Company’s sponsor, OCA Acquisition Holdings LLC, has notified the Company that it intends to deposit an aggregate of $747,500 (representing $0.05 per public share) into the Company’s trust account on or before July 20, 2022. The Extension provides the Company with additional time to complete its initial business combination.

About OCA Acquisition Corp.

OCA Acquisition Corp. is a newly formed special purpose acquisition company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or geographic region, it intends to focus on a U.S. business in the technology-enabled business services (including healthcare and education) or financial services sectors.  The majority member of OCA’s sponsor is Olympus Capital Asia V, L.P., the fifth pan-Asia private equity fund advised by Olympus Capital Asia, one of the longest standing middle market private equity firms in Asia with a 20+ year history of investing in the region.  OCA intends to acquire a business which will benefit from Olympus Capital's extensive industry network and experience helping companies expand in Asia. 

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

OCA Media Contact:
Corliss Ruggles, Communications Adviser
corliss.ruggles@gmail.com

OCA Investor Relations Contact:
Humberto Galleno, Corporate & Business Development
hgalleno@olympuscap.com

FAQ

What is the new business combination deadline for OCA Acquisition Corp.?

The new deadline for OCA Acquisition Corp. to complete its business combination is January 20, 2023.

How much is OCA Acquisition Holdings LLC depositing into the trust account?

OCA Acquisition Holdings LLC is depositing $747,500, or $0.05 per public share, into the trust account.

What sectors does OCA Acquisition Corp. intend to focus on for acquisitions?

OCA Acquisition Corp. plans to focus on technology-enabled business services and financial services sectors.

What does the extension of the business combination date mean for investors?

The extension provides OCA Acquisition Corp. with additional time to identify and complete a business combination, although it may raise concerns about the acquisition timeline.