UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 5, 2024
OceanTech
Acquisitions I Corp.
(Exact
name of registrant as specified in its charter)
Delaware
(State
or other jurisdiction of incorporation)
001-40450 |
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85-2122558 |
(Commission
File Number) |
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(IRS Employer
Identification No.) |
515
Madison Avenue, 8th Floor – Suite 8133
New
York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code (929) 412-1272
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
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☒ |
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
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Trading
Symbol(s) |
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Name
of Each Exchange on Which Registered |
Units, each consisting of one
share of Class A Common Stock and one Redeemable Warrant |
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OTECU |
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The Nasdaq
Stock Market LLC |
Class A Common Stock, $0.0001
par value per share |
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OTEC |
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The Nasdaq
Stock Market LLC |
Redeemable Warrants, each exercisable
for one share of Class A Common Stock at an exercise price of $11.50 per share |
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OTECW |
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The Nasdaq
Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01 Other Events.
On January
5, 2024, OceanTech Acquisitions I Corp., a Delaware Corporation (the “Company”
or “OceanTech”), received written notice from The Nasdaq Stock Market (“Nasdaq”)
stating that because the Company has not yet held an annual meeting of stockholders within twelve months of the end of the Company’s
fiscal year ended December 31, 2022, the Company no longer complies with Listing Rules 5620(a), 5810(c)(2)(G), and IM-5620 for continued
listing (the “Annual Meeting Requirement”), and requesting a response from
the Company by January 12, 2024. The Company plans to submit such response, and request an exception to such Annual Meeting Requirement
in connection with the special meeting the Company will hold pursuant to the definitive proxy statement/prospectus filed on January 2,
2024, and the anticipated closing of the Company’s initial business combination.
As
previously disclosed, on September 13, 2023, the Company received written notice from Nasdaq stating that the Company currently did not
meet the required minimum of 300 public holders for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(3) (the “Public
Holder Rule”). The Company discussed its anticipated compliance with the Public Holder Rule upon the closing of the business
combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger dated as of May 2, 2023, as
amended by that certain Amendment No. 1 to Agreement and Plan of Merger, dated as of July 7, 2023 (collectively, the “Merger
Agreement”) with Regentis Biomaterials Ltd, a company organized under the laws of the State of Israel (“Regentis”)
and R.B. Merger Sub Ltd., a company organized under the laws of the State of Israel and a wholly-owned subsidiary of OTEC (the “Merger
Sub”). On October 9, 2023, the Company received a letter from Nasdaq stating that the Company’s request for an exception
until January 2, 2024 had been granted, subject to the Company completing the Business Combination, and establishing compliance with
Listing Rule 5505. On December 20, 2023, Nasdaq granted the Company’s verbal request to extend the deadline of January 2, 2024
to January 22, 2024. The Company anticipates completing the Business Combination pursuant to the Merger Agreement with Regentis and Merger
Sub by February 2024, and upon such completion, expects to establish compliance with the Public Holder Rule.
The
Company’s business operations are not affected and the Company fully intends to regain compliance with the Annual Meeting Requirement
and the Public Holder Rule. The Company will monitor its Nasdaq listing and evaluate its available options to regain compliance with Nasdaq.
Additional Information and Where to Find It
This Form 8-K and written communication pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) (collectively, this “Filing”)
is filed by OceanTech, together with Merger Sub, Aspire Acquisition LLC, the Company’s sponsor (the “Sponsor”),
and Regentis in connection with the Merger Agreement, pursuant to which, among other things, Merger Sub will merge with and into Regentis,
with Regentis surviving as a wholly owned subsidiary of the Company pursuant to Rule 425 of the Securities Act of 1933 and deemed filed
pursuant to Rule 14a-12 under the Securities Exchange Act of 1934. This Filing is provided for informational purposes only, has been
prepared to assist interested parties in making their own evaluation with respect to the Business Combination, and does not purport to
be all-inclusive or to contain all the information that may be required to make a full analysis of OceanTech, Regentis or the Business
Combination.
In connection with the Business
Combination, OceanTech filed relevant materials with the SEC, including having filed an effective registration statement on Form S-4,
which includes a proxy statement/prospectus of the Company. The definitive proxy statement has also been filed.
OceanTech urges its investors,
shareholders, and other interested persons to read, the Form S-4, which includes a proxy statement/prospectus filed with the SEC, the
definitive proxy statement, and any documents incorporated by reference therein because these documents contain important information
about OceanTech, Regentis and the Business Combination. As the Form S-4 has been declared effective by the SEC, the definitive proxy statement/prospectus
and other relevant documents will be mailed to the stockholders of OceanTech as of December 29, 2023, and will contain important information
about the Business Combination and related matters. Stockholders of OceanTech and other interested persons are advised to read, when available,
these materials (including any amendments or supplements thereto) and any other relevant documents in connection with OceanTech’s
solicitation of proxies for the meeting of stockholders to be held to approve, among other things, the Business Combination because they
will contain important information about OceanTech, Regentis and the Business Combination. Stockholders will also be able to obtain copies
of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other relevant materials in connection with
the transaction without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: OceanTech Acquisitions
I Corp., 515 Madison Avenue, 8th Floor – Suite 8133, New York, New York, 10022 or (929) 412-1272. The information contained on,
or that may be accessed through, the websites referenced in this Filing is not incorporated by reference into, and is not a part of, this
Filing.
No Offer or Solicitation
This Filing is not a proxy statement
or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination and shall
not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of securities in any state
or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.
Participants in Solicitation
OceanTech, Regentis and their
respective directors and executive officers may be deemed participants in the solicitation of proxies from OceanTech’s stockholders
in connection with the Business Combination. OceanTech’s stockholders and other interested persons may obtain, without charge,
more detailed information regarding the directors and officers of OceanTech in OceanTech’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, which was filed with the SEC on March 31, 2023. Information regarding the persons who may, under SEC rules,
be deemed participants in the solicitation of proxies to OceanTech’s stockholders in connection with the Business Combination is
set forth in the proxy statement/prospectus for the Business Combination. Additional information regarding the interests of participants
in the solicitation of proxies in connection with the Business Combination is included in the Form S-4, which includes the proxy statement/prospectus,
and the definitive proxy statement, that OceanTech filed with the SEC. You may obtain free copies of these documents as described above.
Cautionary Statement Regarding
Forward-Looking Statements
This Filing is provided for
informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the Business
Combination and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this Filing.
To the fullest extent permitted by law under no circumstances will Regentis, OceanTech, Merger Sub, Sponsor or any of their respective
subsidiaries, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors or agents be responsible
or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Filing, its contents, its omissions,
reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith.
This Filing does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of OceanTech,
Regentis or the Business Combination. Readers of this Filing should each make their own evaluation of OceanTech and Regentis and of the
relevance and adequacy of the information and should make such other investigations as they deem necessary. This Filing contains certain
“forward-looking statements” within the meaning of the federal securities laws, including statements regarding the completion
of the Business Combination and the expected listing on Nasdaq, and OceanTech’s and Regentis’ expectations, plans or forecasts
of future events and views as of the date of this Filing. OceanTech and Regentis anticipate that subsequent events and developments will
cause OceanTech’s and Regentis’ assessments to change. These forward-looking statements, which may include, without limitation,
words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will”, “could,” “should,” “believes,”
“predicts,” “potential,” “might,” “continues,” “think,” “strategy,”
“future,” and similar expressions, involve significant risks and uncertainties (most of which factors are outside of the
control of OceanTech or Regentis). Factors that may cause such differences include but are not limited to: (1) the occurrence of any
event, change or other circumstance that could give rise to the termination of the Merger Agreement; (2) the risk that the Business Combination
may not be completed in a timely manner or at all, which may adversely affect the price of the securities; (3) the risk that the Business
Combination may not be completed by OceanTech’s business combination deadline; (4) the inability to complete the Business Combination,
including but not limited to due to the failure to obtain approval of the stockholders of OceanTech or Regentis for the Merger Agreement,
to satisfy the minimum net tangible assets and minimum cash at closing requirements, to receive certain governmental, regulatory and
third party approvals or to satisfy other conditions to closing in the Merger Agreement; (5) the failure to achieve the minimum amount
of cash available following any redemptions by OceanTech’s stockholders; (6) the inability to obtain or maintain the listing of
OceanTech’s common stock on Nasdaq following the Business Combination, including but not limited to redemptions exceeding anticipated
levels or the failure to meet Nasdaq’s initial listing standards in connection with the consummation of the Business Combination;
(7) the effect of the announcement or pendency of the Business Combination on Regentis’ business relationships, operating results,
and business generally; (8) risks that the Business Combination disrupts current plans and operations of Regentis; (9) the inability
to realize the anticipated benefits of the Business Combination and to realize estimated pro forma results and underlying assumptions,
including but not limited to with respect to estimated stockholder redemptions and costs related to the Business Combination; (10) the
possibility that OceanTech or Regentis may be adversely affected by other economic or business factors; (11) changes in the markets in
which Regentis competes, including but not limited to with respect to its competitive landscape, technology evolution, or regulatory
changes; (12) changes in domestic and global general economic conditions; (13) risk that Regentis may not be able to execute its growth
strategies; (14) the risk that Regentis experiences difficulties in managing its growth and expanding operations after the Business Combination;
(15) the risk that the parties will need to raise additional capital to execute the business plan, which may not be available on acceptable
terms or at all; (16) the ability to recognize the anticipated benefits of the Business Combination to achieve its commercialization
and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition,
the ability of Regentis to grow and manage growth economically and hire and retain key employees; (17) risk that Regentis may not be
able to develop and maintain effective internal controls; (18) the risk that Regentis may fail to keep pace with rapid technological
developments to provide new and innovative products and services, or may make substantial investments in unsuccessful new products and
services; (19) the ability to develop, license or acquire new products and services; (20) the risk that Regentis is unable to secure
or protect its intellectual property; (21) the risk of product liability or regulatory lawsuits or proceedings relating to Regentis’
business; (22) the risk of cyber security or foreign exchange losses; (23) changes in applicable laws or regulations; (24) the outcome
of any legal proceedings that may be instituted against the parties related to the Merger Agreement or the Business Combination; (25)
the impact of the global COVID-19 pandemic and response on any of the foregoing risks, including but not limited to supply chain disruptions;
and (26) other risks and uncertainties identified in the Form S-4, including those under “Risk Factors” therein, and in other
filings with the SEC made by OceanTech. You should carefully consider the foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of OceanTech’s Form S-4 and definitive proxy statement, Annual Report on Form 10-K, and
Quarterly Reports on Form 10-Q filed with the SEC with respect to the Business Combination, and other documents filed by OceanTech from
time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the forward-looking statements. The foregoing list of factors is not exhaustive,
are provided for illustrative purposes only, and are not intended to serve as, and must not be relied on as, a guarantee, an assurance,
a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict
and will differ from assumptions. Forward-looking statements speak only as of the date they are made. If any of these risks materialize
or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
There may be additional risks that neither OceanTech nor Regentis presently know or that OceanTech and Regentis currently believe are
immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. OceanTech
and Regentis anticipate that subsequent events and developments will cause OceanTech’s and Regentis’ assessments to change.
However, while OceanTech and Regentis may elect to update these forward-looking statements at some point in the future, OceanTech and
Regentis specifically disclaim any obligation to do so. Neither OceanTech nor Regentis gives any assurance that OceanTech or Regentis,
or the combined company, will achieve its expectations. Accordingly, undue reliance should not be placed upon the forward-looking statements,
and they should not be relied upon as representing OceanTech’s and Regentis’ assessments as of any date subsequent to the
date of this Filing.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
|
OCEANTECH ACQUISITIONS
I CORP. |
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Date: January 9, 2024 |
By: |
/s/
Surendra Ajjarapu |
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Name: Surendra Ajjarapu |
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Title: Chief Executive Officer
(Principal Executive Officer) |
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