Blue Ocean Acquisition filed a proxy and called a June 3 meeting for shareholders to consider pushing the SPAC’s termination deadline back to June 7, 2024. If the measure is approved, Blue Ocean’s sponsor will deposit the lesser of $60,000 or 3.5 cents a share into trust for each monthly extension period.
A separate proposal on the ballot would allow the holders of founder shares to convert their stock into Class A shares on a one-for-one basis at any time until a merger is completed.
Blue Ocean raised $165 million in December 2021 with plans to search for a target business in the digital media and consumer internet industries. Read more.
