OCA Acquisition Corp. Faces Business Merger Dispute as Director Resigns

OCA Acquisition Corp. (NASDAQ:OCAX) recently encountered a challenge regarding a business merger, as indicated in the 8-K SEC filing. The company reported that on November 21, 2024, Alec Ellison chose to resign from his position as a director of OCA’s board of directors. The resignation was mentioned to be effective on the same day, and it was clarified that Ellison’s decision was not prompted by any disagreement or dispute within the company itself.

Additionally, Powermers Smart Industries, Inc. (PSI) sent a letter to OCA on November 15, 2024, claiming to terminate the Agreement and Plan of Merger that was dated December 21, 2023. PSI cited that the Effective Time, as outlined in the Merger Agreement, did not occur by October 31, 2024. However, OCA argued the termination, highlighting that per the Merger Agreement terms, a party breaching its covenants resulting in the merger failure cannot unilaterally terminate the agreement.

The filings further mentioned the details of the proposed merger between OCA and PSI, stating that PSI has submitted a registration statement on Form S-4 with the SEC regarding the Business Combination. It was highlighted that OCA would distribute a definitive proxy statement related to the merger to its shareholders post the SEC’s declaration of the Registration Statement as effective.

The filing concluded with a cautionary note, emphasizing that the content of the report does not serve as a substitute for the formal proxy statement/prospectus concerning the Business Combination. Investors and stakeholders were advised to carefully review all formal documents related to the merger processes for making informed decisions.

Lastly, the filing advised that forward-looking statements contained in the report should not be solely relied upon, as they may not guarantee the outcomes or future performance of the companies involved, given the uncertainties and risks associated with such transactions. The report emphasized that actual events and conditions may differ from the assumed expectations laid out in the forward-looking statements.

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.