Majic Wheels Corp.a holding company that operates through its subsidiary companies focused on disruptive industries such as Fintech, Insurtech, software development, and crypto exchange platform, through strategic acquisitions, and OceanTech Acquisitions I Corp. (“OceanTech”) a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the “Merger Agreement”) that will result in Majic Wheels becoming a publicly listed company on The Nasdaq Stock Market LLC. Additionally, concurrent and in connection with the Merger Agreement, OceanTech and Majic Wheels have entered into a Forward Share Purchase Agreement for up to $40 million committed backstop by Meteora Capital Partners and its affiliates (collectively, “Meteora”).
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Upon closing of the transaction, OceanTech will be renamed Majic Corp. (the “Combined Company”) and expects to remain listed on The Nasdaq Stock Market LLC under the ticker symbol “MJWL” with a combined business value of $333,360,290 on the signing of the Merger Agreement. The Merger Agreement includes an earn-out consideration of up to $500,000,000 USD (50 million shares, including 10 million shares subject to the RSU Incentive Plan) over the next three years, based upon certain “triggering events” regarding the performance of the Combined Company and its management.
Led by a team of seasoned professionals from both traditional and digital markets, Majic Wheels has established a presence in Singapore, Malaysia, Mauritius and India, and is hoping to plant its roots in the UAE.
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Majic Wheels’ ecosystem includes assets such as Calfin Global Crypto Exchange (“CGCX”), the world’s leading hybrid exchange, and PCEX, an Indian exchange that is transforming the B2B crypto landscape in over 250 locations within India. CGCX provides customers with a high caliber, secure, and simple-to-navigate crypto trading experience by combining four blockchain services onto a single platform. This includes a crypto exchange, merchant solutions, smart contracts, and an initial coin offering (“ICO”) platform.
Sathyanandham Anguswami, CEO of Majic Wheels, comments: “Majic Wheels has spent the past year transforming and refocusing its core business, whilst simultaneously innovating it during a historic macro-economic downturn. As a result, we are excited to be emerging with a value proposition that is stronger than ever, and for which this Merger Agreement with OceanTech will be invaluable.”
Jeffrey Coats, Executive Chairman & Chief Strategy Officer of Majic Wheels, comments: “We are delighted to partner with OceanTech as we continue to grow and make waves in the burgeoning blockchain and Web 3 space. Majic Wheels is truly at an inflection point. Our business strategy and our clear and laser-focused vision has paved the way for Majic Wheels to take advantage of new growth opportunities in our fast-growing industry.”
Joseph Adir, CEO of OceanTech comments: “We are pleased to announce our business combination with Majic Wheels, an innovative company operating within the blockchain, fintech, and insurtech markets. We believe that this business combination will not only provide our investors with meaningful returns on their investments, but also assist Majic Wheels in advancing the future of technology. As blockchain has the potential to permeate every major industry, we believe this business combination will allow Majic Wheels to continue its expansion into existing and new markets.”
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