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Ocean Capital Acquisition Corporation completed its initial public offering, selling 10,000,000 units at $10.00 each and fully exercising a 1,500,000-unit over-allotment option, for total gross proceeds of $115,000,000. Each unit includes one ordinary share, one right, and one warrant exercisable at $11.50 per share.
The company also sold 150,000 private placement units to its sponsor for $1,500,000. About $115,000,000, including up to $4,025,000 of deferred underwriting commissions, was placed in a U.S. trust account, with $525,000 remaining outside the trust. Ocean Capital, a blank check company, now has 12 months from the IPO closing to complete an initial business combination, with investor redemption rights if it does not. The company adopted amended charter documents and appointed a full board and committees to support its SPAC structure.
Ocean Capital Acquisition Corporation is offering 10,000,000 units in an initial public offering at $10.00 per unit for an aggregate offering of $100,000,000, with a 45-day underwriter option to purchase up to an additional 1,500,000 units. Each unit consists of one ordinary share, one redeemable warrant (exercisable at $11.50) and one right to receive one ordinary share upon consummation of an initial business combination.
The offering proceeds (including $10.00 per unit) will be deposited into a U.S.-based trust account. The company is a British Virgin Islands blank check company formed to effect a business combination and has 12 months to complete a combination unless extended by shareholder vote. The sponsor holds 3,833,333 insider shares and has committed to purchase 143,250 private units simultaneously with closing.