Regentis Biomaterials Ltd. entered into a definitive agreement to acquire OceanTech Acquisitions I Corp. (NasdaqCM:OTEC) from OceanTech Acquisitions I Sponsors LLC, Glazer Capital, LLC, Owl Creek Asset Management, L.P., Walleye Capital LLC and others for approximately $120 million in a reverse merger transaction on May 2, 2023. The all-stock deal contemplates that Regentis' shareholders will receive, in the aggregate, $95 million of OceanTech common stock (subject to certain adjustments), with each such OceanTech common share valued for the transaction at $10. The transaction also includes a contingent earnout payable to Maxim Group. Maxim Group LLC has the contingent right to receive up to an aggregate maximum of 1.75 million shares of OceanTech Common Stock (subject to adjustment for share splits, share dividends, combinations, recapitalizations and the like after the Closing, including to account for any equity securities into which such shares are exchanged or converted), as additional consideration from OceanTech based on the performance of the OceanTech Common Stock.

The transaction has been approved by the respective boards of directors of Regentis and OceanTech and is subject to approval by stockholders of OceanTech and Regentis, regulatory approval, expiration or termination of any waiting period under any antitrust laws, election or appointment of the members of the Post-Closing Company Board of Directors, effectiveness of the Registration Statement, subject to official notice of issuance, of OceanTech's listing application with Nasdaq, the available closing of OceanTech shall be equal to or greater than $6 million, lock-up agreement and other customary closing conditions. On May 2, 2023, OceanTech deposited $125,000 into its Trust account for its public stockholders, representing $0.067 per public share, allowing OceanTech to extend the period of time it has to consummate its initial business combination by one month from May 2, 2023 to June 2, 2023. On May 30, 2023, OceanTech held a virtual special meeting of its stockholders pursuant to which its stockholders approved the proposal to authorize OceanTech to amend the Trust Agreement to allow OceanTech to extend beyond June 2, 2023 the date on which OceanTech must have completed its initial business combination. The OceanTech Acquisitions extend the period of time it has to consummate its initial business combination by one month from June 2, 2023 to July 2, 2023. The Proposed Business Combination is expected to be completed in the third or fourth quarter of 2023.

Maxim Group LLC acted as sole financial advisor to Regentis and Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC acted as financial advisor to OceanTech. Mark Selinger of Greenberg Traurig, LLP and Ronen Kantor of Doron Tikotzky Kantor Gutman Nass & Amit Gross & Co. acted as legal advisors to Regentis and Andrew M. Tucker of Nelson Mullins Riley & Scarborough LLP. Pryor Cashman LLP acted as legal advisor to Maxim Group LLC. Ido Zemach, Daniel Kahn, Gal Dayan-Sion, Yaron Sever, Sagit Shoval-Moked and Revital Shprung-Levy of Gross & Co. Law acted as the legal advisor to OceanTech Acquisitions. Laurel Hill Advisory Group acted as information agent to OceanTech and will receive a fee of $16,000 for its services. Continental Stock Transfer & Trust Company acted as transfer agent to OceanTech Acquisitions.