SPAC OceanTech Acquisitions I files for a $100 million IPO, targeting the leisure marine industry

OceanTech Acquisitions I, a blank check company targeting the leisure marine, yachting, and superyachting industries, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

The New York, NY-based company  plans to raise $100 million by offering 10 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, OceanTech Acquisitions I will command a market value of $126 million.

The company is led by CEO and Director Joseph Adir, who is the Founder and CEO of WinTech Marine and WinterHaven Holdings. He is joined by CFO Charles Baumgartner, who currently serves as acting CFO of Kano Energy and as CFO of the Win Group. OceanTech Acquisitions I intends to focus on private companies involved in the leisure marine, yachting, and superyachting industries, with enterprise values of approximately $250 million to $1 billion.

OceanTech Acquisitions I was founded in 2021 and plans to list on the Nasdaq under the symbol OTECU. It  filed confidentially on March 5, 2021. Maxim Group LLC is the sole bookrunner on the deal.