Blue Ocean Acquisition in a proxy filing seeks a merger deadline extension from Sept. 7 to June 7, 2024. The SPAC would make a cash contribution to the trust in an as-yet unpublished amount.
Blue Ocean disclosed yesterday that it issued a promissory note to its sponsor for $1.5 million to fund working capital needs. The SPAC has drawn down $350,000 of the total.
The SPAC last month signed a merger agreement with TNL Mediagene, an Asian digital-media company, at a pre-money enterprise value of approximately $275 million.
Blue Ocean lost about 83% of its trust to redemptions ahead of a May deadline extension vote. Read more.
Source: Blue Ocean Acquisition Asking Shareholders for 9 More Months