Ocean Capital Acquisition, a blank check company led by the CEO of Hong Kong's Hermitage Capital targeting established businesses, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $60 million by offering 6 million units at $10, with each unit containing one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant. The company had not updated its prospectus since August 2023.
Ocean Capital Acquisition was set to be led by CEO, CFO, and Chairman Simon Wong, the Managing Partner of private equity firm Hermitage Capital HK. While the SPAC did not specify a target sector or geography, it had planned 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 had planned to list on the Nasdaq but had not selected a symbol yet (RC ticker: OCCAU.RC). Ladenburg Thalmann and Brookline Capital Markets were set to be the joint bookrunners on the deal.
