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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):
April 24, 2024
OceanTech Acquisitions I Corp.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-40450 |
|
85-2122558 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
515 Madison Avenue, Suite 8133
New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code: (929) 412-1272
_____________________________________
(Former name or former address, if changed since
last report)
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:
|
☒ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
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 |
|
Trading Symbol(s) |
|
Name of Each Exchange on
Which Registered |
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant |
|
OTECU |
|
The Nasdaq Stock Market LLC |
Class A Common Stock, $0.0001 par value per share |
|
OTEC |
|
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 |
|
OTECW |
|
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.
On April 24, 2024, the market
maker for the common stock of OceanTech Acquisitions I Corp., a Delaware corporation (the “Company” or “OceanTech”),
received approval from FINRA on the Form 211 to begin quoting the Company’s common stock over the counter under the ticker
symbol “OTAC”, and the Company has resumed trading over the counter.
In
connection with the anticipated 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”), the Company
currently expects to enter into an equity line purchase agreement (the “Agreement”) with an investor pursuant
to which the Company will have the right to issue and sell to the investor, and the Investor will commit to purchase from the
Company, up to $10 million in aggregate gross purchase price of newly issued fully paid shares of the Company’s common stock.
The Company expects to receive an advance under the Agreement upon the closing of the Business Combination.
The
Company also expects to concurrently enter into a registration rights agreement with the investor, pursuant to which the Company
will register the resale of the shares of common stock sold pursuant to the Agreement.
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. Stockholders of
OceanTech and other interested persons are advised to read these materials (including any amendments or supplements thereto) and
any other relevant documents in connection with OceanTech’s solicitation of proxies in connection with 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 at the SEC’s website at www.sec.gov. 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, 2023, which was filed with the SEC on April 16, 2024. 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 potential Agreement, 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 Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
OCEANTECH ACQUISITIONS I CORP. |
|
|
Date: April 29, 2024 |
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