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Blue Ocean Acquisition Corp (BOCN0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $612,572 for the three months ended September 30, 2024, and a net loss of $1,672,123 for the nine months ended September 30, 2024. The losses were impacted by changes in the fair value of warrant liabilities and interest earned on cash held in a trust account.
The company has reported cash of $47,683 outside the trust account and a working capital deficit of $8,229,168 as of September 30, 2024.
The report details the company's ongoing merger agreement with TNL Mediagene, which involves a business combination transaction where Blue Ocean Acquisition Corp will merge with a subsidiary of TNL Mediagene.
The filing also outlines the company's liquidity and capital resources, noting that it has sufficient borrowing capacity to meet its needs through the consummation of the merger by December 7, 2024.
The company has extended its deadline to complete a business combination to December 7, 2024, following shareholder approvals and associated redemption rights exercised by holders of Class A ordinary shares.
The report highlights the risk factors, including the potential impact of the Inflation Reduction Act of 2022 and the SEC's SPAC Rules, which could affect the company's operations and ability to complete a business combination.
The filing includes a discussion on the company's internal controls and procedures, noting a material weakness in internal control over financial reporting related to accrued expenses and accounts payable.
The report provides a detailed account of related party transactions, including promissory notes issued to the sponsor and TNL Mediagene to support ongoing operations and the business combination process.
Blue Ocean Acquisition Corp continues to evaluate its financial position and the potential impact of external factors, such as rising interest rates and geopolitical conflicts, on its operations and business combination efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Ocean Acquisition Corp quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.