Market Cap: $2,557,594,794,866
24h Vol: $95,209,059,350
Cryptocurrencies: 28960
Markets: 114116
Cryptocurrencies: 28960
Markets: 114116
Market Cap: $2,557,594,794,866     
24h Vol: $95,209,059,350
Seeking Alpha 2022-11-16 13:59:08

Majic Wheels to merge with SPAC OceanTech Acquisitions in $200M deal

Majic Wheels to merge with SPAC OceanTech Acquisitions in $200M deal
Majic Wheels ( OTCPK:MJWL ) said Wednesday it will merge with SPAC OceanTech Acquisitions I ( OTEC ) in a deal valued at ~$200M (20M shares). OceanTech ( OTEC ) and Majic Wheels ( OTCPK:MJWL ) also entered into a forward share purchase deal for up to $40M committed backstop by Meteora Capital Partners. The combined company can receive up to $106.1M in cash held in trust by OceanTech ( OTEC ), which will include the guaranteed backstop arrangement for the trust. On closing, OceanTech will be renamed Majic and expects to remain listed on Nasdaq under the ticker "MJWL" with a combined business value of ~$333.4M on signing of the deal. The deal includes up to $500M earn-out consideration (50M shares) on certain triggering events over the next three years based on the combined firm's future revenue. The business combination is expected to be completed in H1 2023.
esptco-banner img
Latest News

Videos

  • How to buy Bitcoin (BTC) from Binance?

  • Dash Coin Explained: A Cryptocurrency with a Major Potential

  • DEFI: What is Defi? A Beginner's Guide to Decentralized Finance!

  • Top 5 Crypto Exchanges 2022: Best Crypto Exchanges to Work With!

Our Partners

Hashing Ad Space
Inbound Junction
Magic Logix
Asimi
Crypto Marketing Agency, FINPR
Chainwire