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Majic Wheels Corp. (OTC: MJWL) announced a definitive business combination with OceanTech Acquisitions I Corp. to become publicly listed on Nasdaq. This merger, valued at approximately $200 million, includes a potential earn-out consideration of up to $500 million based on future performance. The combined entity will be known as Majic Corp. and is expected to leverage platforms like Calfin Global Crypto Exchange to expand in the fintech and blockchain sectors. The transaction is anticipated to close in the first half of 2023 and requires approval from shareholders and regulatory bodies.
Majic Wheels Corp. (OTC: MJWL) has changed its fiscal year-end from December 31 to June 30. The company has published its audited financials for the fiscal year ending June 30, 2022, which can be found on its website. This strategic shift aligns with Majic Wheels' positioning in disruptive tech industries through mergers and acquisitions. The announcement also follows the appointment of Mr. Sathyanandham Anguswami as the new CEO, suggesting a commitment to future growth and innovation in sectors like Fintech and Insurtech.
Majic Wheels Corp. (OTC: MJWL) announced the resignation of CEO David Chong, effective immediately, with Sathyanandham Anguswami appointed as his successor. Anguswami, a seasoned fund manager with over 30 years of experience in equity and commodities markets, aims to drive the company's strategic goals. He has a strong background in managing substantial funds and is well-versed in global markets. The transition comes as Majic Wheels continues its focus on disruptive tech through strategic mergers and acquisitions, positioning itself for growth in fintech, insuretech, and crypto sectors.
Majic Wheels Corp (OTC: MJWL) announces the appointment of Jeffrey Coats as Chief Strategy Officer and Executive Chairman. Coats, who has extensive experience in political analysis and investment, aims to strengthen investor relations and corporate activities as the company targets a NASDAQ uplisting. Previously, he led Autobytel's turnaround and managed GE Capital's Restructuring Group. CEO David Chong expresses confidence in Coats' capabilities to drive growth in fintech, insurtech, and software development.
Majic Wheels Corp (OTC: MJWL) has appointed Jeffrey Coats as the new Chief Strategy Officer and Executive Chairman. Coats brings extensive experience in business strategy and equity investment, with prior roles including President and CEO of Autobytel. He is tasked with enhancing investor relations and paving the path for a future NASDAQ uplisting. CEO David Chong expressed confidence in Coats' ability to strengthen the company’s position in fintech and software development sectors. This leadership change aims to generate sustainable growth amid the evolving technology landscape.
Majic Wheels Corp (OTC Pink: MJWL) issued a statement to address the Caveat Emptor (CE) designation placed on its stock after trading hours on May 13, 2022. The company reaffirmed its commitment to its business objectives and plans to release Q1-2022 financial results on May 16, 2022, pending OTC Market approval. Management is investigating the CE's cause and urges shareholders to rely on verified information while avoiding speculation. CEO David Chong stated they are working diligently to resolve the issue, while trading requests were not granted.
Majic Wheels Corp (MJWL) has secured a majority interest in Panaesha Capital Exchange (PCEX), following a letter of intent in October. This acquisition positions Majic Wheels as a significant player in the Fintech space. PCEX, based in India, operates over 250 franchises, emphasizing a unique B2B model. CEO David Chong indicates this move aims to establish the company as a tech leader in India. With India's crypto adoption surging, the partnership aims to capitalize on this growing market, anticipating retail crypto investments to reach $15.6 billion by 2030.
Majic Wheels Corp. (MJWL) reported impressive annual results as of March 31, 2022, showcasing significant revenue growth and profitability. The Company achieved $25.1 million in revenue, with a $5.4 million net income, a substantial increase from $680,617 the previous year. Payables rose to $2.75 million due to increased business activity, while long-term liabilities were reduced to $0. The Company also successfully completed acquisitions, including CGCX Group, and is nearing the acquisition of PCEX. Total assets stand at $236.4 million.
Majic Wheels Corp. (MJWL) has issued a statement regarding unauthorized promotional activities and reaffirms its partnership with SEQUIRE via the SRAX platform. The company emphasizes its commitment to compliance and transparency, noting that third-party promotions are not sanctioned. The collaboration with SRAX aims to enhance marketing strategies and investor engagement while providing insights into market demographics. Majic has made strides in the fintech and software development sectors through acquisitions. However, they urge shareholders to verify factual information through official channels.
Majic Wheels Corp (MJWL) announces the launch of CGCX Tokens in the Indian market through a partnership with PCEx. CGCX is recognized as the world's first fully insured hybrid assets platform, boasting an average daily trading volume of $6.28 million and 100% ownership by Majic. Tokens will initially be available in CGCX-USDT and CGCX-C2USD trading pairs, followed by CGCX-INR. This initiative is expected to enhance their foothold in the fintech and software development sectors, particularly in India, aligning with the company's aggressive expansion strategy.
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