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OceanTech Acquisitions I Corp. (OTECU) announced a deposit of $125,000 into its Trust account, equating to $0.067 per public share, to extend the timeline for its initial business combination by one month. This move pushes the deadline from April 2, 2023, to May 2, 2023, marking the fifth of six monthly extensions allowed by the company's governing documents. Investors should note that this extension provides more time for the company to finalize its business plans, although future outcomes remain uncertain due to associated risks.
OceanTech Acquisitions I Corp. (OTECU, OTEC, OTECW) has deposited $125,000 into its Trust account, equating to $0.067 per public share. This funding allows the company to extend the deadline for its initial business combination by one month, moving the date from March 2, 2023, to April 2, 2023. This marks the fourth extension under the company's governing documents, which permit up to six monthly extensions. The deposit reinforces OceanTech's commitment to successfully completing its business combination while also maintaining investor trust.
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.
OceanTech Acquisitions I Corp. (OTECU) has deposited $125,000 into its Trust account for public stockholders, equating to $0.067 per public share. This funding is intended to extend the time allowed for the company to complete its initial business combination by one month, from February 2, 2023, to March 2, 2023. This marks the third of six allowed monthly extensions under its governing documents, providing OceanTech with additional time to finalize a deal.
On November 29, 2022, OceanTech Acquisitions I Corp. (NASDAQ: OTEC/OTECU/OTECW) announced stockholder approval for extending the deadline for a business combination with Majic Wheels Corp. from December 2, 2022 to June 2, 2023. An Extension Payment of $0.067 per share totaling $125,000 was made to facilitate this extension. Following a shareholder redemption, approximately $87.5 million will be removed from the Trust Account, leaving 1,848,503 shares outstanding. The merger is anticipated to close in early 2023.
OceanTech Acquisitions I Corp. has delayed its Special Meeting of Shareholders from November 23, 2022, to November 29, 2022, to discuss extending the completion date of its business combination with Majic Wheels Corp. The proposed Extension shifts the deadline from December 2, 2022, to June 2, 2023. This change comes after the firm received redemption notices for over 9.4 million shares, surpassing the required threshold of 8.88 million. If the Extension is approved, non-redeeming shareholders will earn $0.086 per share monthly during the extension period.