Monitor for announcement of a business combination target; the note's conversion feature aligns sponsor incentives with deal completion. No immediate catalyst — this is routine SPAC bridge financing.
Price Chart
Executive Summary
Oceanhawk Acquisition Corp. issued a $1.55 million unsecured convertible promissory note to its sponsor, Oceanhawk Acquisition I Sponsor, LLC, on September 30, 2026. The note is non-interest-bearing, repayable upon a business combination, and automatically converts into private placement units at $10.00 per unit unless the sponsor elects cash. This provides working capital to fund the SPAC's search for a target but adds a financial obligation that must be settled from trust-exempt funds if no deal closes.
Key Financial Metrics
Key Facts
- Principal amount of $1,550,000 issued to sponsor via unsecured promissory note
- Note bears no interest and matures upon consummation of a business combination
- Automatically converts into private placement units at $10.00 per unit unless sponsor elects cash
- If no business combination, repayment is limited to funds outside the trust account
- Sponsor waived any claim to trust account funds
Financial Impact
$1.55 million working capital loan from sponsor; no interest cost; conversion at $10/unit would issue 155,000 units if converted
Risk Factors
- If no business combination occurs, repayment depends on availability of non-trust funds, which may be limited
- Conversion at $10/unit could dilute existing public shareholders if units trade below that price
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-415679 |
| Document: d42114dex101.htm | 0001193125-26-415679 |
| Document: 0001193125-26-415679-index-headers.html | 0001193125-26-415679 |
| Document: 0001193125-26-415679-index.html | 0001193125-26-415679 |
| Document: 0001193125-26-415679.txt | 0001193125-26-415679 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 8-K | $9.99 | awaiting T+20 | — | $10.00 (+0.10%) |
Oct 6, 2026 20d ago | SC 13G | $9.99 | awaiting T+20 | — | $10.00 (+0.10%) |
Aug 26, 2026 8w ago | 3 | $9.96 $9.99 | ▲ +0.30% | ▲ +0.81% | $10.00 (+0.40%) |
May 19, 2026 22w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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