OceanTech Acquisitions I Corp. (OTEC) Postpones Extension Vote to Nov. 29

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.