OCA Acquisition Corp. Considers Redeeming Outstanding Class A Common Stock

OCA Acquisition Corp. recently disclosed its intention to redeem all outstanding shares of Class A common stock, which were previously sold in its initial public offering, on or around January 22, 2025. This decision comes as a result of the company not consummating an initial business combination within the stipulated timeframe as per its amended and restated certificate of incorporation.

Furthermore, the company addressed the purported termination of the Agreement and Plan of Merger, dated December 21, 2023, by Powermers Smart Industries, Inc. According to OCA Acquisition Corp., the termination made by PSI is considered invalid as PSI allegedly breached covenants under the Merger Agreement, leading to the failure of the merger closing by October 31, 2024. OCA Acquisition Corp. is contemplating seeking damages for PSI’s failure to adhere to its obligations under the Merger Agreement.

As previously indicated in its periodic reports to the Securities and Exchange Commission, OCA Acquisition Corp. outlined its plan in the scenario where it fails to complete an initial business combination. In such a case, the company intends to distribute the pro rata portion of the funds held in its trust account to each public share, excluding any taxes owed.

The company’s actions and disclosures in response to the recent developments exemplify its commitment to fulfilling its obligations and protecting the interests of its stakeholders. OCA Acquisition Corp.’s strategic decision-making underscores its dedication to upholding corporate governance standards and transparency in its operations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read OCA Acquisition’s 8K filing here.

About OCA Acquisition

OCA Acquisition Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other business combination with one or more businesses. The company was incorporated in 2020 and is based in New York, New York. OCA Acquisition Corp.