Blue Ocean Acquisition in an 8-K said it issued an unsecured promissory note to its sponsor for $750,000. Funds can be drawn down as necessary for business costs and expenses. The SPAC borrowed $1.5 million from the sponsor last year.
The SPAC last June announced a merger agreement with TNL Mediagene, an Asian digital-media company, at a pre-money enterprise value of approximately $275 million.
The SPAC raised $165 million in a December 2021 IPO, but lost about 83% of its trust to redemptions ahead of a May 2023 deadline extension vote. Read more.
