Oceanhawk Acquisition Corp. (OHACU) has completed an upsized initial public offering of 16 million units at $10 per unit, producing $160 million in gross proceeds, the company said in a statement.
The units began trading on the Nasdaq Stock Market on May 21, 2026. Each unit is composed of one Class A ordinary share plus one right that entitles the holder to receive one-fourth of one Class A ordinary share upon the closing of a business combination. The company said the Class A ordinary shares and the rights will begin to trade separately under the symbols "OHAC" and "OHACR" once separate trading is initiated.
To cover potential over-allotments, the underwriter was granted a 45-day option to buy up to 2.4 million additional units. That option, which is common in offerings, gives the underwriter flexibility to meet investor demand within the defined time window.
The sponsor is incorporated in the Cayman Islands and is led by Chief Executive Officer Ernest Miller, who brings 25 years of experience in the commodity-driven energy sector with a background in financial management and strategic planning. The company indicated it will seek a business combination - which could take the form of a merger, share exchange, asset acquisition or a similar transaction - and intends to target global businesses with high potential by leveraging the Oceanhawk platform and its network.
The Benchmark Company acted as the sole book-running manager for the offering. The Securities and Exchange Commission declared the company's Form S-1 registration statement effective on May 20, 2026, clearing the way for the Nasdaq listing that followed.
With the offering complete and regulatory clearance in hand, Oceanhawk now faces the next phase common to blank-check companies: identifying, negotiating and closing a qualifying business combination. The structure of the units and the timing of separate trading for shares and rights will be factors for investors monitoring liquidity and potential dilution as the company moves toward a transaction.
Investors should note that the initial capital sits in the company’s trust until a business combination is completed or other qualifying actions are taken, and that the underwriter’s over-allotment option provides a defined mechanism for additional issuance if exercised within the 45-day period.