OceanTech Acquisitions I Corp. (NASDAQ:OTEC) announced this morning that it has mutually terminated its combination with drug developer Captura Biopharma.
The parties did not disclose any further details on the termination of the $224 million deal, which was originally announced just two months ago in August, but it is likely that current public market conditions played a role.
In May, OceanTech extended the business combination timeline by six months from June 2 to December 2. The SPAC originally came into the deal with an estimated $106 million in trust and did not supplement this with a PIPE, although it was only required to maintain $5 million in cash available for close.
OceanTech and Captura Biopharma mark the 48th deal to be terminated this year. OceanTech, however, did note in today’s press release that it intends to seek an alternative business combination.
The SPAC initially announced the pricing of its $100 million IPO in May 2021 and intends to combine with a target valued at $250 million to $1 billion in the leisure marine, yachting or super-yachting industries.
At the SPAC of Dawn This shortened trading week could be a rocky one as the market takes in the first wave of initiatives out of the new US administration and will have what are technically the first Trump 2.0 jobs numbers released on Thursday. It should be somewhat quieter for SPACs working through their...
Terms Tracker for the Week Ending January 17, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We may be heading into a Polar Vortex, but SPACs managed to generate some heat this week with three more IPOs. For those keeping count,...
Giving internet users a place to chat or post pictures of their lunch has never been an especially profitable endeavor until social media platforms gain the scale to leverage user data en masse like Meta (NASDAQ:META). But, the addition of retail investor appetites to the equation has suddenly turned even smaller platforms into a tantalizing...
At the SPAC of Dawn This week comes to a close with the debut of the year’s fourth SPAC IPO as Hennessy Capital Investment Corp. VII (NASDAQ:HVIIU) priced last night. This brings the month’s total IPO proceeds to $597.5 million, which is already a drastic year-on-year improvement from January 2023, which saw just $144 million...
Hennessy Capital Investment Corp. VII (NASDAQ:HVIIU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HVIIU”, Friday, January 17, 2025. The new SPAC intends to seek out a business combination with a company in the industrial technology and energy transition sectors. Hennessy...