No Surprise Here Either

On Wednesday, the Excel sponsored SPAC, Oceanaut, announced that it would begin the process of dissolution as management has determined that it is unlikely that the company will consummate a business combination by the March 6th deadline specified in its charter.

Prior to the IPO, Excel had purchased in a private placement two million insider warrants at a price of $1 per warrant as well as 1.125 million insider units at a price of $8 per unit for a total consideration of $11 million.

Oceanaut estimates the liquidation price per share to be $8.27. No payments will be made with respect to outstanding warrants or to any of the company’s initial shareholders with respect to any shares owned by them prior to the IPO except for 625,000 shares

This is only an excerpt of No Surprise Here Either

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.

Existing Users Login
Username
Password

Related Archive Files

• No Related Post