Majic Wheels, a holding company that operates through its subsidiary companies focused on disruptive industries such as Fintech, Insurtech, software development, and crypto exchange platform, agreed to go public via a SPAC merger with OceanTech Acquisitions I, a special purpose acquisition company, in a $333m deal. “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,” Jeffrey Coats, Majic Wheels Executive Chairman & Chief Strategy Officer. On December 1, 2022, OceanTech Acquisitions I announces stockholder approval of extension of deadline to complete business combination to June 2, 2023.