OceanTech Acquisitions I announced it has called off a proposed merger with fintech Majic Wheels by mutual agreement. No reason was given for the termination.
The SPAC said it would forge on in search of another target.
OceanTech I separately announced its sponsor has deposited $120,000 into trust for the third of six approved monthly extensions.
At deal announcement in November, terms had called for Majic to receive $200 million (20 million shares). The deal also included a potential earn-out consideration of up to $500 million over three years.
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. Read more.
Source: OceanTech Acquisitions I Terminates Majic Wheels Deal