Ocean Capital Acquisition, a blank check company led by Hong Kong-based investment manager Stephen Sze, raised the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company had previously filed to offer 6 million untis at the same price. Each unit contains one share of common stock and one right to receive one-seventh of a share of common stock. At the midpoint of the revised deal size, Ocean Capital Acquisition will raise 67% more in proceeds than previously anticipated and command a market value of $136 million.
Ocean Capital Acquisition is led by CEO and Chairman Stephen Sze, who previously co-led Proficient Alpha Acquisition from its 2019 IPO until it merged with Lion Group Holding (LGHL) in 2020. While the SPAC did not specify a target sector or geography, it plans to target established businesses with compelling economics, potential for high recurring revenue, defensible market position, and successful management teams.
Ocean Capital Acquisition was founded in 2021 and plans to list on the NYSE under the symbol OCACU. A.G.P. is the sole bookrunner on the deal.
