Ocean Capital Acquisition, a blank check company led by Hong Kong-based investment manager Stephen Sze, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one warrant to purchase a share exercisable at $11.50, and one right to receive to receive one ordinary share at the time of the business combination.
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 (Nasdaq: LGHL; -100% return from $10 offer price) 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.
The New York, NY-based company will trade on the NYSE under the symbol OCACU. A.G.P. acted as sole bookrunner on the deal.
