SPACInsider Logo
OceanTech Acquisitions I Corp. (OTEC) Postpones Extension Vote to Nov. 29
by Nicholas Alan Clayton on 2022-11-23 at 7:12am

OceanTech I (NASDAQ:OTEC) has postponed an extension vote scheduled for later today after receiving high redemption notices.

Shareholders requested to redeem a total of 9,449,599 shares, representing 91.5% of its shares outstanding. This exceeds the 8,880,360-share maximum threshold to effect an extension according to its proxy. As such, the company has postponed the vote to attempt to convince holders of at least 569,239 shares to reverse their decision.

The new meeting has been set for November 29. OceanTech I has already committed to contribute $125,000 to its trust for each additional month it is to extend beyond its initial December 2 deadline up to six months.

But, now that the redemptions are in, should only the required number of shares reverse their decision, this would equate to $0.086 per share added to the trust per month and a total of $0.516 over six months.

This is a much heftier benefit, but these shareholders have had little time to chew on OceanTech I’s proposed business combination with crypto fintech Majic Wheels (OTC:MJWL). It announced this deal last week without an investor presentation and one month earlier terminated another deal with Captura Biopharma.

Although Majic is publicly listed on an OTC exchange, the $11 market-cap company has itself put out little public information on itself other than filings showing it generated $47.6 million in total operating income in the 12 months ending June 30 with $6.9 million in net profit.

Should OceanTech I fail to entice enough shareholders to stay in, the SPAC expects to dissolve and liquidate.

Recent Posts
by Nicholas Alan Clayton on 2023-01-30 at 2:04pm

Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...

by Marlena Haddad on 2023-01-30 at 1:22pm

Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...

by Nicholas Alan Clayton on 2023-01-30 at 12:07am

Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...

by Marlena Haddad on 2023-01-30 at 11:42am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...

by Marlena Haddad on 2023-01-30 at 10:15am

Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved