Tue, May 28, 5:37 PM (146 days ago)
OceanTech Acquisitions I Corp. (OTEC), a blank check company, reported a net loss of $1.6 million for Q1 2024, driven by operating costs, interest expense, and changes in warrant liabilities. The company’s cash balance was $17,183 with a working capital deficit of $6.1 million as of March 31, 2024. The trust account held $9.3 million. The company has extended its business combination deadline multiple times, now set for June 2, 2024, funded by $30,000 monthly deposits from the sponsor. OTEC is pursuing a merger with Regentis Biomaterials Ltd. and has faced compliance issues with Nasdaq, resulting in a suspension from trading. The company resumed over-the-counter trading under the symbol “OTAC” in April 2024. Future operations depend on completing the merger and securing additional capital. Concerns over liquidity and going concern persist, with substantial doubt about the company’s ability to continue without completing the business combination by the deadline.