Facing a June 7 termination date, Blue Ocean Acquisition announced that today’s shareholder meeting to vote on an extension has been postponed until June 6 at 2 p.m. Eastern.
The SPAC wants to put anotherr 12 months on the clock by setting a new deadline of June 2024.
Blue Ocean in an amended proxy filing earlier this week disclosed that 15.8 million of its shares were redeemed (roughly 83%) ahead of the upcoming deadline extension vote, leaving about 3.2 million shares outstanding.
If shareholders grant the extension, 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.
