Majic Wheels Corp. (OTCPK:MJWL) entered into an agreement to acquire OceanTech Acquisitions I Corp. (NasdaqCM:OTEC) from OceanTech Acquisitions I Sponsors LLC and others in a deal valued at approximately $720 million in a reverse merger transaction on November 15, 2022. The merger represents a transaction value of approximately $200 million (20 million shares). Additionally, certain recipients may receive earn-out consideration equal to a maximum of $500 million (50 million shares, including 10 million shares subject to the RSU Incentive Plan). The transaction is subject to approval by OceanTech's and Majic Wheels' shareholders, registration statement being declared effective by the U.S. Securities and Exchange Commission, regulatory approvals, the Company having at least $5,000,001 in net tangible assets upon the Closing, approval by The Nasdaq Stock Market to list the securities of the combined company, any waiting period applicable to the consummation of this Agreement under any Antitrust Laws shall have expired or been terminated, the Lock-Up Agreement executed by Sponsor shall be in full force and effect in accordance with the terms thereof as of the Closing and other customary closing conditions. The Board of Directors of Majic Wheels and OceanTech have unanimously approved the transaction. As of November 29, 2022, OceanTech stockholders have approved an extension of the date by which the Company must consummate a business combination from December 2, 2022 to June 2, 2023. As of January 3, 2023, OceanTech Acquisitions I Corp. confirms funding to to extend the period of time it has to consummate its initial business combination by one month from January 2, 2022 to February 2, 2023. The transaction is expected to be completed in 1H 2023. Andrew M. Tucker of Nelson Mullins Riley & Scarborough LLP is serving as legal advisor to OceanTech. Rajiv Khanna of Norton Rose Fulbright US LLP is serving as legal advisor to Majic Wheels.

Majic Wheels Corp. (OTCPK:MJWL) cancelled the acquisition of OceanTech Acquisitions I Corp. (NasdaqCM:OTEC) from OceanTech Acquisitions I Sponsors LLC and others in a reverse merger transaction on February 3, 2023. On February 3, 2023, OceanTech and Majic Wheels entered into that certain Mutual Termination Agreement (the “ Termination Agreement ”) pursuant to which OceanTech and Majic Wheels mutually agreed to terminate the Merger Agreement.