Eco City is looking to invest in the technology sector, and is issuing 409mln shares at 1.22p per share to raise around £5mln.
MXC will take a 24.7% stake in Eco City for £1.3mln as part of the fundraising and will act as its financial adviser.
Last year, Eco City, which had supplied London’s licensed low-emission Mercedes Vito taxis, went into administration, although it later exited administration via a company voluntary agreement.
It blamed the controversial Uber taxi app and Mayor Boris Johnson’s environmental proposals for a lack of demand.
The company was the biggest gainer on Tuesday, as its shares rocketed 140%, or 2.6p to 4.5p.
As an investing company, Eco City must complete an acquisition which constitutes a reverse takeover by January 20.
In addition to the subscription, the directors are subscribing for 3.2mln shares in lieu of receiving unpaid directors' fees of £40,000.