Blue Ocean (NASDAQ:OTEC) announced this morning that it is pushing its extension vote scheduled for 11 am ET today to 2 pm ET, June 6.
Shareholders at the special meeting are to vote on a proposal to allow Blue Ocean to automatically extend its transaction deadline up to 12 times in one-month increments from June 7 to June 7, 2024.
The SPAC has offered to contribute the lesser of $60,000 or $0.035 per share for each one-month extension. Investors are also to vote on a proposal allowing Blue Ocean’s sponsor to convert its promote shares to Class A shares, possibly for the purposes of providing sweeteners in potential non-redemption agreements or otherwise to help it meet listing requirements.
Blue Ocean initially raised $193.5 million in total proceeds from its December 2021 IPO with a focus on digital media and internet services targets. It has not yet announced a business combination target and, in 2022, the SPAC transitioned its management team from one led by former Gannett (NYSE:GCI) CEO Paul Bascobart to the leadership of CEO Richard Leggett and Chairman Brauchli.
The new officers similarly come from media backgrounds with Leggett previously leading market intelligence firm FrontierView. Brauchli was a VP at former Washington Post-owner Graham Holdings and since 2014 has been a managing partner and co-founder and digital media investment firm North Base Media.
HNR Acquisition Corp. (NYSE:HNRA) announced this afternoon that its shareholders have approved its business combination with oil developer Pogo Resources and entered into further agreements with Meteora. In connection with today’s meeting, stockholders holding 4,063,777 shares out of a possible 4,509,403 shares of HNRA’s common stock exercised their right to redeem their shares. While the...
Tristar Acquisition I Corp. (NYSE:TRIS) has entered into a definitive agreement to combine with AI technology company Helport, valued at $350 million. Singapore-based Helport focuses on serving enterprises’ customer contact centers with intelligent products, solutions, and a digital platform, aiming to enhance communication efficiency with customers. The parties expect to complete the deal in the...
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Plum Acquisition Corp. I (NASDAQ:PLMI) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with edge platform provider Veea. Terms of the transaction have not yet been announced, but the parties expect to finalize a definitive agreement in the coming weeks and will disclose additional details at that time....
At the SPAC of Dawn Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee. Although SPAC deal announcements continue to slumber through the beginning of November, two definitive agreements with a minerals producer and an AI firm, plus a...