OceanTech Acquisitions I Corp. Announces Stockholder Approval of Extension of Deadline to Complete Business Combination
On November 29, 2022, OceanTech Acquisitions I Corp. (the “Company” or “OceanTech”) (Nasdaq: OTEC/OTECU/OTECW), a special purpose acquisition company, announced that its stockholders have approved an extension of the date by which the Company must consummate a business combination from December 2, 2022 to June 2, 2023 (or such earlier date as determined by the Company’s board of directors) (the “Extension”) at the special meeting of stockholders held on November 29, 2022 (the “Special Meeting”). The Extension provides the Company with additional time to complete the previously announced proposed business combination (the “Transaction”) with Majic Wheels Corp., a Wyoming corporation.
The Company has deposited an amount equal to $0.067 per share for each public share or $125,000 (the “Extension Payment”) into the Company’s trust account for its public stockholders (the “Trust Account”), which enables the Company to further extend the period of time it has to consummate its initial business combination by one month from December 2, 2022, to January 2, 2023. This extension is the first of up to six monthly extensions permitted under the Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation approved by our stockholders at the Special Meeting. The Company previously extended the period of time it has to consummate its initial business combination from June 2, 2022, to December 2, 2022.
Stockholders holding 8,477,497 shares of common stock of OceanTech exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. As a result, approximately 87,541,321.66 (approximately $10.32 per share) will be removed from the Trust Account to pay such holders. Following the redemption, the Company’s remaining shares of common stock outstanding were 1,848,503. OceanTech has deposited into the Trust Account $125,000 for the initial extension period (commencing December 3, 2022, and ending January 2, 2022).
The Company also made an amendment to the Company’s investment management trust agreement (the “Trust Agreement”), dated as of May 27, 2021, by and between the Company and Continental Stock Transfer & Trust Company, allowing the Company to extend the business combination period from December 2, 2022, to June 2, 2023, and updating certain defined terms in the Trust Agreement.
On November 15, 2022, OceanTech entered into a definitive business combination agreement pursuant to which it would acquire Majic Wheels Corp., a Wyoming corporation (the “Target”). Upon the closing of the business combination, which is expected in the first quarter of 2023, the combined company will be named Majic Corp. Majic Corp. expects to remain listed on Nasdaq under the ticker symbol “MJWL” after the consummation of the Business Combination.