Blue Ocean Wins 9 Month Extension, Loses 68% of Remaining Trust to Redemptions | SPAC Feed

Blue Ocean Acquisition in an 8-K said shareholders approved extending the SPAC’s deal deadline from Sept. 7 until June 7, 2024.

Blue Ocean said redemptions of 12,817,785 shares removed approximately $136.8 million from the trust, leaving $65.7 million.

The SPAC in June signed a merger agreement with TNL Mediagene, an Asian digital-media company, at a pre-money enterprise value of approximately $275 million.

TNL Mediagene was formed in May 2023 by the merger of Taipei-based The News Lens, an independent, pan-Asian digital-media group, and Tokyo-based Mediagene, a japan-based digital media company founded 25 years ago. Read more.

Source: Blue Ocean Wins 9 Month Extension, Loses 68% of Remaining Trust to Redemptions

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• Source: https://spacfeed.com/blue-ocean-wins-9-month-extension-loses-68-of-remaining-trust-to-redemptions