OceanTech Acquisitions I Corp. Announces Termination of Merger Agreement with Majic Wheels Corp.
February 06 2023 - 4:05PM
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.
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Investor Relations Lena Cati The Equity Group, Inc. (212)
836-9611 lcati@equityny.com
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