OceanTech Acquisitions I Corp. Confirms Funding to Extend Period to Consummate Initial Business Combination

Rhea-AI Summary

OceanTech Acquisitions I Corp. (OTECU, OTEC, OTECW) has deposited $125,000 into its Trust account, equating to $0.067 per public share. This funding allows the company to extend the deadline for its initial business combination by one month, moving the date from March 2, 2023, to April 2, 2023. This marks the fourth extension under the company's governing documents, which permit up to six monthly extensions. The deposit reinforces OceanTech's commitment to successfully completing its business combination while also maintaining investor trust.

Positive

• Successful deposit of $125,000 enhances investor confidence.
• Extension allows more time to finalize initial business combination.

Negative

• Need for multiple extensions may indicate challenges in securing a suitable business combination.

NEW YORK--(BUSINESS WIRE)-- OceanTech Acquisitions I Corp. (“OceanTech” or the “Company”) (Nasdaq: OTEC / OTECU / OTECW), a special purpose acquisition company, today announced that it caused to be deposited $125,000 into the Company’s Trust account for its public stockholders, representing $0.067 per public share, allowing the Company to extend the period of time it has to consummate its initial business combination by one month from March 2, 2023 to April 2, 2023 (the “Extension”). The Extension is the fourth of six-monthly extensions permitted under the Company’s governing documents.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230302005810/en/

Investor Relations

Lena Cati

The Equity Group, Inc.

(212) 836-9611

lcati@equityny.com

Source: OceanTech Acquisitions I Corp.

FAQ

What is the significance of the $125,000 deposit by OceanTech Acquisitions I Corp.?

The $125,000 deposit allows OceanTech to extend the period to finalize its initial business combination, reflecting its efforts to secure a deal.

How does the extension affect OceanTech Acquisitions I Corp.'s business timeline?

The extension pushes the deadline for the business combination from March 2, 2023, to April 2, 2023, providing additional time for negotiations.

What are the implications of OceanTech Acquisitions I Corp.'s fourth extension?

The fourth extension indicates ongoing efforts to complete a business combination, though it may also suggest difficulties in finding a target.