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.
Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...
Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...
Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...
Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...