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

Rhea-AI Summary

OceanTech Acquisitions I Corp. (OTECU) announced a deposit of $125,000 into its Trust account, equating to $0.067 per public share, to extend the timeline for its initial business combination by one month. This move pushes the deadline from April 2, 2023, to May 2, 2023, marking the fifth of six monthly extensions allowed by the company's governing documents. Investors should note that this extension provides more time for the company to finalize its business plans, although future outcomes remain uncertain due to associated risks.

Positive

• Extended deadline for business combination provides more time for potential acquisition.

Negative

• The need for an extension may signal challenges in securing a 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 on March 28, 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 April 2, 2023 to May 2, 2023 (the “Extension”). The Extension is the fifth 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/20230331005427/en/

Investor Relations

Lena Cati

The Equity Group, Inc.

(212) 836-9611

lcati@equityny.com

Source: OceanTech Acquisitions I Corp.

FAQ

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

The $125,000 deposit allows OceanTech to extend its deadline for completing a business combination, providing additional time to finalize an acquisition.

What is the new deadline for OceanTech's initial business combination after the extension?

The new deadline is May 2, 2023.

How many extensions has OceanTech Acquisitions I Corp. taken for its business combination?

OceanTech has utilized five of the six permitted monthly extensions.

What is the significance of the $0.067 per share deposit for investors?

The $0.067 per share deposit indicates a commitment to shareholders and ensures their funds are protected during the extension period.