OceanTech I (NASDAQ:OTEC) has postponed an extension vote scheduled for later today after receiving high redemption notices.
Shareholders requested to redeem a total of 9,449,599 shares, representing 91.5% of its shares outstanding. This exceeds the 8,880,360-share maximum threshold to effect an extension according to its proxy. As such, the company has postponed the vote to attempt to convince holders of at least 569,239 shares to reverse their decision.
The new meeting has been set for November 29. OceanTech I has already committed to contribute $125,000 to its trust for each additional month it is to extend beyond its initial December 2 deadline up to six months.
But, now that the redemptions are in, should only the required number of shares reverse their decision, this would equate to $0.086 per share added to the trust per month and a total of $0.516 over six months.
This is a much heftier benefit, but these shareholders have had little time to chew on OceanTech I’s proposed business combination with crypto fintech Majic Wheels (OTC:MJWL). It announced this deal last week without an investor presentation and one month earlier terminated another deal with Captura Biopharma.
Although Majic is publicly listed on an OTC exchange, the $11 market-cap company has itself put out little public information on itself other than filings showing it generated $47.6 million in total operating income in the 12 months ending June 30 with $6.9 million in net profit.
Should OceanTech I fail to entice enough shareholders to stay in, the SPAC expects to dissolve and liquidate.
PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...
Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....
Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...
SPACs and the use of projections have gotten a fair amount of attention this year from both the media and the SEC. And the pending SEC SPAC Rule could have an additional effect on how bankers and SPAC teams handle projections in the future. However, Jim Zukin, of Zukin Certification Services (“ZCS”), and Christian Nagler,...