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SPAC Ocean Capital Acquisition files for a $60 million IPO, targeting established businesses

June 21, 2022

Ocean Capital Acquisition, a blank check company targeting established businesses, filed on Tuesday with the SEC to raise up to $60 million in an initial public offering.

The company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one-half of a warrant, exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Ocean Capital Acquisition would command a market value of $78 million.

Ocean Capital Acquisition is led by CEO, CFO, and Chairman Simon Wong, the Managing Partner at private equity firm Hermitage Capital HK, and COO and Director Anthony Ho, a former VP of wifi provider Altai Technologies. 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 Singapore-based company was founded in 2021 and plans to list on the Nasdaq, although it has not yet selected a symbol (RC Ticker: OCCAU.RC). Ladenburg Thalmann is the sole bookrunner on the deal.