Aspire Acquistion LLC - Mar 13, 2023 Form 3 Insider Report for OceanTech Acquisitions I Corp. (OTEC)

Role
10%+ Owner
Signature
/s/ Surendra Ajjarapu, by Nelson Mullins Riley & Scarborough LLP with Power of Attorney
Stock symbol
OTEC
Transactions as of
Mar 13, 2023
Transactions value $
$0
Form type
3
Date filed
4/25/2023, 01:02 PM

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding OTEC Class B common stock Mar 13, 2023 Class A common stock 2.58M Direct F1, F2
holding OTEC Warrants Mar 13, 2023 Class A common stock 5.87M $1.00 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 As described in the issuer's registration statement on Form S-1 (File No. 333-255151) under the heading "Description of Securities-Founder Shares", the Class B common stock, par value $0.0001, will automatically convert into Class A common stock, par value $0.0001, of the issuer at the time of the issuer's initial business combination transaction on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights and have no expiration date.
F2 This Form 3 is being filed by Aspire Acquisition LLC, the sponsor of the issuer (the "Sponsor"). Surendra Ajjarapu, the issuer's director and Chief Executive Officer is the manager of the Sponsor. Mr. Ajjarapu may be deemed to beneficially own shares held by the Sponsor by virtue of his control over the Sponsor. Mr. Ajjarapu disclaims beneficial ownership of the Class B common stock and warrants held by the Sponsor, except to the extent of his respective pecuniary interest.
F3 Each warrant will become exercisable on the later of 12 months from the closing of the Issuer's initial public offering and 30 days the date of completion of the Issuer's initial business combination. Each warrant will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation.