Majic Wheels Corp (MJWL)

[Perfectson]

Just repeating.

OTEC leadership will want to do this because they are being given a significant amount of earnout. if they liquidate leadership is stuck.

https://www.marketscreener.com/quote/stock/OCEANTECH-ACQUISITIONS-I-124927404/news/OceanTech-Acquisitions-I-Corp-Announces-Board-Resignation-42353067/

OceanTech Acquisitions I Corp. announced that Philippe Franchet and Fulvio Dodich notified OceanTech Acquisitions I Corp. of their intent to voluntarily resign from their positions as members of the Company's Board of Directors, effective as of November 4, 2022.

https://www.spacinsider.com/news/mhaddad/oceantech-i-terminates-captura-biopharma-deal

OceanTech Acquisitions I Corp. (NASDAQ:OTEC) announced this morning that it has mutually terminated its combination with drug developer Captura Biopharma.

The parties did not disclose any further details on the termination of the $224 million deal, which was originally announced just two months ago in August, but it is likely that current public market conditions played a role.

The SPAC initially announced the pricing of its $100 million IPO in May 2021 and intends to combine with a target valued at $250 million to $1 billion in the leisure marine, yachting or super-yachting industries.

you think the investors of OTEC want to be merged with a crypto company - when they were expecting a leisure marine/yachting company


furthermore the transaction value is at $200M , the earnout is at $500M - the current market cap of the MJWL with all the convertibles converted is close to $300M and I believe (my opinion) there's additional capital related to the PCEX purchase (company has never clarified how they purchased PCEX but I calculated from a previous discussions there's an additional 20B shares that it would have taken to purchase PCEX).

something isn't right and the company has gone completely silent and hasn't shown any financials (understanding they are on the grey market, but why did they stop knowing they wanted to trade on the upper markets)