SPAC OceanTech terminates merger with Majic Wheels

SPAC OceanTech Acquisitions I ( NASDAQ: OTEC ) said Monday its merger with cryptocurrency exchange operator Majic Wheels ( OTCPK:MJWL ) has been terminated by mutual agreement. OceanTech ( OTEC ) will seek an alternative business combination. Majic Wheels ( OTCPK:MJWL ) and OceanTech ( OTEC ) had announced their ~$200M merger late last year. The SPAC earlier asked shareholders to reverse their redemption notices so it can extend the deadline for closing the merger .