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OceanTech Acquisitions I Corp. (OTEC) Terminates Majic Wheels Deal

OceanTech Acquisitions I Corp. (OTEC) Terminates Majic Wheels Deal

OceanTech I (Nasdaq: OTEC) announced this afternoon that it is mutually terminating its combination with Majic Wheels Corp.

The SPAC did not elaborate further on the termination but noted it will continue on and seek a new business combination. Moments before the termination, OTEC confirmed that it deposited $125,000 into its trust to extend its timeline to complete a transaction, representing the third of six monthly extensions permitted. It was recently facing a completion deadline of February 2, but will now have until March 2 to find an alternative target.

The parties announced this merger just a few months ago in November 2022 at a combined business value of $333.3 million. Houston-based Majic (OTC:MJWL) operates a cryptocurrency exchange and fintech platform active in India.

But, this isn’t the first time OceanTech I terminated a deal within months after its announcement. It originally announced a combination with biotech firm Captura Biopharma in August 2022. It divulged little information on this transaction at the time, other than Captura was developing treatments for radiation and other heavy-metal poisonings.

It then terminated the deal just two months later in October 2022 for undisclosed reasons, before announcing a deal with Majic.