S-4 Filing

The SPAC raised $200 million 17 months ago.

Blue Ocean raised $165 million in December 2021 with plans to search for a target business in the digital media and consumer internet industries.

Announced in March, the deal includes $50 million of additional capital as well as 3.75 million shares to incentivize investors to not redeem during the closing. Aeries’ existing shareholders are rolling 100% of their equity into the transaction.

Assuming no redemptions by Nubia public stockholders, upon closing, the combined entity could have access to as much as $118 million in net cash (after paying transaction expenses) from the Nubia trust.

Net proceeds are expected to consist of up to $321 million of cash held in the SPAC’s trust, less any redemptions.

SportsMap Tech raised $115 million in an October 2021 IPO with plans at that time to focus on companies engaged in sports technologies, including fan engagement, health and wellness, Esports, and fantasy sports and gambling.

As of the close of business May 10, the SPAC said it has received redemption requests for 19,804,604 ordinary shares, which would have virtually wiped out the cash in trust.

The SPAC last month secured a working capital loan of up to $1 million through one of its sponsors, Pala Investments Limited.

The blank-check company last week hinted that liquidation was on the horizon after disclosing that former merger partner SuperBac was terminating a deal.

Swiftmerge last month said it signed a non-binding letter of intent for a business combination with HDL Therapeutics, a privately held commercial stage biotech company.