Blue Ocean Acquisition Corp: debt financing — Blue Ocean Acquisition issues $400K working capital note, amends CEO/consultant compensation

Blue Ocean Acquisition Corp

$400,000 unsecured promissory note issued to News Lens Co., due upon business combination close; no interest, no repayment if deal terminated.
CEO Richard Leggett monthly fee set at $20,000, success bonus up to $250,000, reduced by $17,500 per month of fees paid.
Consultant Matt Lasov monthly fee set at $32,500, success bonus of $150,000 payable within 10 days of deal close.
Both amendments clarify services and compensation structure tied to the business combination.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Blue Ocean Acquisition Corp incurred loan of $400,000 with The News Lens Co., Ltd at non-interest bearing maturing on the date on which the Company consummates the transactions contemplated by the Merger Agreement.

Instrument: loan
Principal: $400,000
Counterparty: The News Lens Co., Ltd
Rate: non-interest bearing
Maturity: on the date on which the Company consummates the transactions contemplated by the Merger Agreement
Event: incurrence

Exact text from the filing

On August 3, 2023, Blue Ocean Acquisition Corp (the “ Company ”) issued an unsecured promissory note to The News Lens Co., Ltd, with a principal amount equal to $400,000 (the “ Working Capital Note ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Blue Ocean Acquisition Corp entered into Working Capital Note with The News Lens Co., Ltd valued at $400,000 (effective 2023-08-03).

Action: entry
Agreement: credit facility
Counterparty: The News Lens Co., Ltd
Value: $400,000
Effective: 2023-08-03

Exact text from the filing

On August 3, 2023, Blue Ocean Acquisition Corp (the “ Company ”) issued an unsecured promissory note to The News Lens Co., Ltd, with a principal amount equal to $400,000 (the “ Working Capital Note ”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-063560

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