Blue Ocean Acquisition Corp issues $750K promissory note to sponsor for working capital

Blue Ocean Acquisition Corp

Unsecured, non-interest-bearing note from Blue Ocean Acquisition Corp to Blue Ocean Sponsor LLC dated April 5, 2024.
Principal up to $750,000; drawdowns of at least $50,000 each, payable upon business combination or trust liquidation.
Note includes a 10% fee on outstanding principal payable at consummation of a business combination.
Funds to be used for costs and expenses related to an initial business combination.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Ocean Acquisition Corp entered into Sponsor Promissory Note with Blue Ocean Sponsor LLC valued at $750,000 (effective 2024-04-05).

Action: entry
Counterparty: Blue Ocean Sponsor LLC
Value: $750,000
Effective: 2024-04-05

Exact text from the filing

On April 5, 2024, Blue Ocean Acquisition Corp (the “ Company ”) issued an unsecured promissory note to Blue Ocean Sponsor LLC (“ Payee ”) with a principal amount equal to $750,000 (the “ Sponsor Promissory Note ”).

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Source: SEC EDGAR

accession 0001213900-24-032001

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