Blue Ocean shareholders voted in support of extending the SPAC’s deadline up to Dec. 7, according to an 8-K.
The SPAC had said in a proxy filing that it needs the extra time to finalize its deal with TNL Mediagene, an Asian digital-media company. Announced a year ago, the transaction has a pre-money enterprise value of approximately $275 million.
Blue Ocean said 4,315,265 Class A shares were redeemed at $11.10 per share, removing $47.9 million from the trust account. That leaves the SPAC with approximately $20.4 million in trust.
The SPAC deployed the first of the sixth monthly extensions and deposited $30,000 into the trust, moving the completion date to July 7.
If the merger is approved, the combined company intends to build TNL Mediagene’s presence in Japan, Taiwan and Southeast Asia, delivering politically neutral content on news, business, technology, science, sports, food and lifestyles.
In addition to the SPAC’s cash in trust, the parties said they intend to raise a $35 million PIPE. At deal closing, TNL Mediagene expects to have $20 million in new cash after expenses but before paying down any debt.
The combined company intends to build TNL Mediagene’s presence in Japan, Taiwan and Southeast Asia, delivering politically neutral content on news, business, technology, science, sports, food and lifestyles. It will expand its brand portfolio of millennial- and Gen Z-targeted Chinese, Japanese and English digital products and widen the reach of its AI-driven analytics, advertising and marketing technology products.
