OceanTech Acquisitions I announced that it has postponed a shareholder vote on a dewadline extsnion to Nov. 29. The vote was originally scheduled for today. The SPAC seeks a six-motnh deadline extension until June 2, 2023.
The company announced that it had received redemption notices for 9,449,599 shares. This exceeds the threshold of 8,880,360 shares of common stock to effect the extension by 569,239 shares. The SPAC is postponing the meeting to solicit investors to reverse their redemption notices.
This news comes on the heels of the company’s announcement last week that entered a merger agreement with Majic Wheels 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.
The SPAC last month terminated a $224 million deal with Captura Biopharma. Read more.
