If they pretty much get their money back then I can see why some of the OTEC shareholders would rather redeem than go through with the merger.
These are Big Board investors that would presumably have been expecting a Nasdaq-caliber company to merge into the SPAC. When it finally turns out to be an OTC company and one with a CE no less, I can just imagine their dismay. After all, it's entirely possible there is even an SEC investigation going on behind the scenes with MJWL.
Why hold through a merger that has baggage like that if you can just bail out and use those funds instead in something not so sketchy? These aren't the naive penny traders we are used to that always hold and pray for moon even when things turn sour. They can just move onto something else, and it seems that is what some of them want to do.
We'll see what happens Tuesday.
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