Ocean Capital Acquisition Corp closes $115M IPO and $1.5M private placement

Ocean Capital Acquisition Corp

IPO of 11,500,000 units at $10.00 per unit, gross proceeds $115,000,000, including full exercise of over-allotment.
Simultaneous private placement of 150,000 units at $10.00 per unit to sponsor SB Capital Holding Corp, gross proceeds $1,500,000.
$115,000,000 placed in trust account; balance sheet shows $115M in trust, $4.2M liabilities, $3.8M shareholders' deficit.
Auditor's report includes going concern note: company has 12 months to complete business combination, extendable to 36 months; failure leads to liquidation.
Units consist of one ordinary share, one right, and one warrant; warrants exercisable at $11.50 per share.

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