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

Rhea-AI Summary

OceanTech Acquisitions I Corp. (OTECU) has deposited $125,000 into its Trust account for public stockholders, equating to $0.067 per public share. This funding is intended to extend the time allowed for the company to complete its initial business combination by one month, from February 2, 2023, to March 2, 2023. This marks the third of six allowed monthly extensions under its governing documents, providing OceanTech with additional time to finalize a deal.

Positive

• Company successfully extended the deadline for business combination, allowing more time for strategic planning.
• The deposit of $125,000 indicates financial commitment to public stockholders.

Negative

• Repeated extensions may signal difficulties in securing a suitable business combination, raising concerns among investors.

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 February 2, 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 February 2, 2023 to March 2, 2023 (the “Extension”). The Extension is the third 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/20230206005588/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 OceanTech Acquisitions I Corp. extending its business combination deadline?

The extension allows OceanTech to secure a suitable business combination, which may affect investor confidence and company valuation.

How much money did OceanTech deposit to extend the business combination deadline?

OceanTech deposited $125,000, which translates to $0.067 per public share.

When does the new deadline for OceanTech's business combination end?

The new deadline is set for March 2, 2023.

What are the potential risks of OceanTech’s continued deadline extensions?

Continued extensions may indicate challenges in finding a suitable business combination, potentially affecting stock value and investor sentiment.