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.
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