OceanTech Acquisitions I Corp. Announces Postponement of Special Meeting of Shareholders Until November 29, 2022

OceanTech Acquisitions I Corp. (the “Company”) (Nasdaq: OTEC/OTECU/OTECW), a special purpose acquisition company, today announced that it has postponed the Special Meeting of Shareholders scheduled to occur on November 23, 2022 (the “Special Meeting”) until November 29, 2022. On October 28, 2022, the Company filed a Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) with respect to the Special Meeting to vote on, among other things, a proposal to amend the Company’s Amended and Restated Certificate of Incorporation (the “Charter”) to extend the date by which the Company must consummate a business combination (the “Extension”) from December 2, 2022 to June 2, 2023 (the “Extension Proposal”). The purpose of the Extension is to allow the Company more time to complete its previously announced business combination by and among the Company, Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub 1”), OceanTech Merger Sub 2, LLC, a Wyoming limited liability company and a wholly-owned subsidiary of the Company (“Merger Sub 2”), OceanTech Acquisitions I Sponsors LLC, the Company’s sponsor (the “Sponsor”), in its capacity as purchaser representative, Majic Wheels Corp., a Wyoming corporation (the “Target”), and Jeffrey H. Coats, in his capacity as the representative for the stockholders of the Target (together with the Company, Merger Sub, the Sponsor and the Target, the “Parties”). In order to support this Extension Proposal, the Company, and Sponsor have agreed that, if the Extension Proposal is approved, the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account $125,000 for each such one-month extension until June 2, 2023 unless the closing of the Company’s initial business combination shall have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.

On November 22, 2022, the Company announced that it had received redemption notices for 9,449,599 shares of its Class A Common Stock from its stockholders. This exceeds the threshold of 8,880,360 shares of common stock to effect the Extension as set forth in the Definitive Proxy Statement by 569,239 shares. Accordingly, the Company is postponing the previously scheduled meeting until 2:00 p.m. on Tuesday, November 29, 2022, to solicit investors to reverse their redemption notices.