secwatch.observer — SEC 8-K summary
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Issuer:     Blue Ocean Acquisition Corp (—)
CIK:        0001856961
Form:       8-K
Filed at:   2023-08-04T23:59:59+00:00
Accession:  0001213900-23-063560
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blue Ocean Acquisition issues $400K working capital note, amends CEO/consultant compensation
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1856961/000121390023063560/0001213900-23-063560-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1856961/000121390023063560/ea182868-8k_blueocean.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-063560

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