OceanTech Acquisitions I Corp. Announces Termination of Merger Agreement with Majic Wheels Corp.

Rhea-AI Summary

OceanTech Acquisitions I Corp. (OTECU) has announced the termination of its merger agreement with Majic Wheels Corp. This decision was made by mutual agreement among the involved parties. Following this development, OceanTech will pursue alternative business combinations. The company, a special purpose acquisition company (SPAC), focuses on mergers, capital stock exchanges, or asset acquisitions. OceanTech is sponsored by OceanTech Acquisitions I Sponsors LLC, affiliated with investor Joseph Adir.

Positive

• OceanTech is actively seeking an alternative business combination following the termination of its previous merger agreement.

Negative

• The termination of the merger agreement may delay OceanTech's growth and strategic initiatives.
• Uncertainty around the ability to secure an alternative business combination could impact investor confidence.

NEW YORK--(BUSINESS WIRE)-- OceanTech Acquisitions I Corp. (“OceanTech” or the “Company”) (Nasdaq: OTEC / OTECU / OTECW), a special purpose acquisition company, today announced that its previously announced agreement and plan of merger (the “Merger Agreement”) with Majic Wheels Corp. (“Majic Wheels”) has been terminated by mutual agreement of all relevant parties. As a result, OceanTech will seek an alternative business combination.

About OceanTech Acquisitions I Corp.

OceanTech Acquisitions I Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. OceanTech is sponsored by OceanTech Acquisitions I Sponsors LLC, an affiliate of investor and entrepreneur Joseph Adir.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230206005631/en/

Investor Relations

Lena Cati

The Equity Group, Inc.

(212) 836-9611

lcati@equityny.com

Source: OceanTech Acquisitions I Corp.

FAQ

Why was the merger between OceanTech Acquisitions I Corp. and Majic Wheels terminated?

The merger was terminated by mutual agreement of all parties involved.

What is OceanTech Acquisitions I Corp. planning to do after the merger termination?

OceanTech will seek an alternative business combination.

How does the termination of the merger affect OceanTech's stock performance?

The termination may create uncertainty, potentially impacting investor confidence and stock performance.

What are the implications of OceanTech's status as a SPAC?

As a SPAC, OceanTech's primary purpose is to find and merge with a private company, which is now pending after the merger termination.