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Stock Markets May 20, 2026 09:15 PM

Oceanhawk Acquisition Prices $160 Million IPO, Units Set to Begin Nasdaq Trading

Cayman Islands-based SPAC offers 16 million units at $10 each; Benchmark Company named sole book-runner with overallotment option

By Leila Farooq

Oceanhawk Acquisition Corp. priced a 16 million-unit initial public offering at $10 per unit, raising $160 million. The units will start trading on Nasdaq under the ticker OHACU on May 21, 2026, with ordinary shares and rights to trade separately later under OHAC and OHACR. The offering is expected to close on May 22, 2026, and includes a 45-day overallotment option managed by The Benchmark Company.

Oceanhawk Acquisition Prices $160 Million IPO, Units Set to Begin Nasdaq Trading

Key Points

  • Oceanhawk priced 16 million units at $10 each, raising $160 million; the offering size was increased from an undisclosed smaller amount - impacts capital markets and SPAC activity.
  • Units will begin trading on Nasdaq as OHACU on May 21, 2026; Class A shares and rights will trade separately later as OHAC and OHACR - affects equity trading and investor access to SPAC securities.
  • The Benchmark Company is the sole book-running manager and has a 45-day option to buy up to 2.4 million additional units to cover over-allotments - relevant to underwriting and potential dilution.

Oceanhawk Acquisition Corp. has set the price for its initial public offering at $10 per unit, selling 16 million units and generating $160 million in gross proceeds. The blank check company increased the size of the offering from a previously undisclosed smaller amount.

The units are scheduled to commence trading on the Nasdaq Stock Market under the symbol "OHACU" on May 21, 2026. Each unit consists of one Class A ordinary share and one right entitling the holder to receive one-fourth of one Class A ordinary share upon the closing of a business combination.

Once the company begins separate trading of the component securities, the ordinary shares will trade under the symbol "OHAC" and the rights will trade under the symbol "OHACR." The offering is anticipated to close on May 22, 2026, subject to customary closing conditions.

The Benchmark Company, serving as the sole book-running manager for the offering, holds a 45-day option to purchase up to 2.4 million additional units to cover any over-allotments.

Oceanhawk Acquisition is incorporated in the Cayman Islands and is led by Chief Executive Officer Ernest Miller. The special purpose acquisition company has stated its intention to pursue a merger, acquisition or similar business combination with one or more businesses, concentrating on high-potential companies around the world.

According to the company, Miller brings in excess of 25 years of experience in the commodity-driven energy sector, with a background that includes financial management and strategic planning for capital-intensive enterprises. Oceanhawk says it will draw on the experience and network of its platform to identify and evaluate potential business combination opportunities.

Context and next steps

  • The units begin trading May 21, 2026, under OHACU, with separate trading of shares and rights to follow under OHAC and OHACR.
  • The offering is expected to finalize on May 22, 2026, pending customary closing conditions.
  • The Benchmark Company may exercise an option to buy up to 2.4 million additional units within 45 days to cover over-allotments and is the sole book-running manager.

Information about potential timelines for separate trading of the component securities or details about targeted industries for a future business combination was not specified beyond the stated focus on high-potential businesses globally.

Risks

  • Closing of the offering is subject to customary closing conditions, so completion is not guaranteed - impacts capital markets and SPAC investors.
  • The Benchmark Company holds an option to purchase additional units within 45 days, which could increase the number of outstanding units if exercised - affects existing unit holders and market supply.
  • The SPAC intends to pursue one or more business combinations with high-potential companies globally, but specific targets or industries were not detailed, leaving uncertainty about future strategic direction and sector exposure.

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