secwatch.observer — SEC 8-K summary
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Issuer:     Blue Ocean Acquisition Corp (—)
CIK:        0001856961
Form:       8-K
Filed at:   2023-07-19T23:59:59+00:00
Accession:  0001213900-23-058114
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blue Ocean Acquisition Corp secures $1.5M sponsor note for business combination costs and extension
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- Entered $1.5M promissory note with sponsor Blue Ocean Sponsor LLC on June 20, 2023; $350,000 drawn on June 30, 2023.
- Proceeds fund working capital, transaction costs, and monthly trust deposits to extend deadline from Sept 2023 to June 2024.
- Principal due on earliest of June 7, 2024, initial business combination, or liquidation; sponsor may convert into private placement warrants at $1 per warrant.
- Extension provides up to nine additional months for the SPAC to complete an initial business combination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1856961/000121390023058114/0001213900-23-058114-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1856961/000121390023058114/ea182008-8k_blueocean.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-058114

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer