SPAC OceanTech Acquisitions I prices $100 million IPO, targeting leisure marine industries

OceanTech Acquisitions I, a blank check company targeting the leisure marine, yachting, and superyachting industries, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.

The company is led by CEO and Director Joseph Adir, the founder and CEO of WinTech Marine and WinterHaven Holdings, and Chairman Michael Payne, the former Managing Director of international yacht brokerage Northrop & Johnson Europe. 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 plans to list on the Nasdaq under the symbol OTECU. Maxim Group LLC acted as a lead manager on the deal.