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SPAC OceanTech (NASDAQ:OTEC) is asking shareholders to reverse their redemption notices so that it can extend the deadline for consummating its recently announced proposed merger with cryptocurrency exchange operator Majic Wheels (OTCPK:MJWL).
OceanTech said that as of Nov. 22, 9.5M shares had been redeemed, exceeding the 8.9M shares needed to allow for an extension. As a result, OceanTech has postponed the extension vote until Nov. 29 to allow the company time to solicit redemption reversals from shareholders.
The SPAC is seeking to have the deadline for consummating a deal with Majic Wheels extended from Dec. 2 to June 2. If it is unable to do so, it will be forced to liquidate.
Based in Wyoming, Majic Wheels operates subsidiaries engaged in fintech, insurtech, software and crypto. The company’s assets include crypto exchanges Calfin Global and PCEX.
OceanTech and Majic Wheels announced plans to merge on Nov. 15. The merger would have resulted in Majic Wheels uplisting its shares to Nasdaq.
OceanTech had previously been slated to merge with Captura Biotech. The deal was terminated by mutual agreement last month.
Image and article originally from seekingalpha.com. Read the original article here.