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

Rhea-AI Summary

OceanTech Acquisitions I Corp. has deposited $125,000 into its Trust account to extend the period for its initial business combination by one month.

Positive

• OceanTech Acquisitions I Corp. has extended the period for its initial business combination by one month, which could provide more time for potential deals to be finalized.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- OceanTech Acquisitions I Corp. (“OceanTech” or the “Company”) (Nasdaq: OTEC/OTECU / OTECW), a special purpose acquisition company, today announced that on May 3, 2023 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 May 2, 2023 to June 2, 2023 (the “Extension”). The Extension is the sixth of six monthly extensions permitted under the Company’s governing documents.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005554/en/

Investor Relations

Lena Cati

The Equity Group, Inc.

(212) 836-9611

lcati@equityny.com

Source: OceanTech Acquisitions I Corp.

FAQ

What is OceanTech Acquisitions I Corp.?

OceanTech Acquisitions I Corp. is a special purpose acquisition company.

What is the purpose of the $125,000 deposit?

The deposit is to extend the period for the company's initial business combination by one month.

How many monthly extensions are permitted?

Six monthly extensions are permitted under the company's governing documents.