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 Last week’s hot streak continues this week in the form of a high volume of votes for SPACs. Two are seeking approvals for their business combinations while six more aim to get the stamp on their extension votes. Investors will also have an eye on upcoming Fed comments on Wednesday...
Terms Tracker for the Week Ending May 2, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. April wrapped with some real momentum. Over the course of the month, 19 SPACs filed new S-1s, while 12 IPOs priced. Furthermore, nine deal announcements...
ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....
MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...
At the SPAC of Dawn This action-packed week in SPACs comes to an end with three more SPACs launching their IPOs, bringing it to nine on the week. And, the crypto strategy that SPACInsider noticed becoming increasingly popular among de-SPACs earlier this year has continued to gain steam. This week, edtech firm Classover (NASDAQ:KIDZ), fresh...