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OceanTech Acquisitions I Corp. (OTECU) has announced the termination of its merger agreement with Captura Biopharma, Inc. The mutual decision to end the Business Combination Agreement means OceanTech will explore alternative business combinations. OceanTech is a special purpose acquisition company looking to engage in mergers and similar transactions.
This decision underscores the dynamic nature of SPAC operations as they seek valuable partnerships and investments.
Captura Biopharma is set to revolutionize treatment for transuranic radiation contamination and heavy metal poisoning through its innovative oral chelator drug, C2E2. In a definitive merger with OceanTech Acquisitions I Corp. (OTECU), Captura will become a publicly listed company, aiming to address the multi-billion-dollar market for urgent nuclear contamination treatments. The merger is expected to close in Q4 2022, subject to SEC approval. The C2E2 drug, a tasteless oral powder, promises easy administration and storage, potentially transforming emergency response protocols.
