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.