NEW YORK–(BUSINESS WIRE)–Majic Wheels Corp. (“Majic Wheels”) (OTC: MJWL), a holding company that operates through its subsidiary companies focused on disruptive industries such as Fintech, Insurtech, software development, and crypto exchange platform, through strategic acquisitions, and OceanTech Acquisitions I Corp. (“OceanTech”) (Nasdaq: OTEC/OTECU/OTECW), a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the “Merger Agreement”) that will result in Majic Wheels becoming a publicly listed company on The Nasdaq Stock Market LLC. Additionally, concurrent and in connection with the Merger Agreement, OceanTech and Majic Wheels have entered into a Forward Share Purchase Agreement for up to $40 million committed backstop by Meteora Capital Partners and its affiliates (collectively, “Meteora”).
Upon closing of the transaction, OceanTech will be renamed Majic Corp. (the “Combined Company”
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