Blue Ocean Acquisition in an amended proxy filing disclosed that 15.8 million of its shares were redeemed ahead of the upcoming deadline extension vote, leaving about 3.2 million shares outstanding. The redemption deadline was yesterday.
The extension vote is slated for June 3, when shareholders will consider a proposal to push the SPAC’s termination date 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.
