Majic Wheels and OceanTech Acquisitions I entered into a definitive business combination agreement at a valuation of $333.36 million.
OceanTech I and Majic Wheels have signed a forward purchase agreement for up to a $40 million committed backstop by Meteora Capital Partners and its affiliates.
Majic is a holding company that, through its subsidiaries, is focused on industries including fintech, insurtech, software development and crypto exchange platforms, through strategic acquisitions.
If approved, upon closing of the transaction Majic would list on the Nasdaq under the ticker symbol MJWL.
Terms call for Majic to receive $200 million (20 million shares). The deal also includes an earn-out consideration of up to $500 million over the next three years if the company hits certain milestones.
Nelson Mullins Riley & Scarborough is serving as legal advisor to OceanTech. Norton Rose Fulbright US is legal advisor to Majic Wheels.
OceanTech I raised $100 million in a May 2021 IPO. The SPAC last month terminated a $224 million deal with Captura Biopharma. Read more.
