Blue Ocean Acquisition Corp (NASDAQ: BOCNU) Amends Merger Agreement with TNL Mediagene as of October 23, 2024

Blue Ocean Acquisition Corp (NASDAQ: BOCNU) made significant changes to its Agreement and Plan of Merger with TNL Mediagene, a Cayman Islands exempted company. On October 23, 2024, the company, along with TNL Mediagene and TNLMG, a wholly-owned subsidiary of TNL Mediagene, entered into Amendment No. 2 to the Merger Agreement, originally dated June 6, 2023.

The Amendment No. 2 to the Merger Agreement specifically removed the conditions regarding TNL Mediagene having a minimum of $5,000,001 in net tangible assets after the merger, and the company having at least $20,000,000 in balance sheet cash prior to or at the Closing. These alterations paved the way for a smoother transition. No other changes were made to the initial Merger Agreement aside from the mentioned modifications.

Additionally, an amendment to the Amended and Restated Letter Agreement was signed with Blue Ocean Sponsor LLC, adjusting the terms for the Sponsor. As per this amendment, at Closing, the Sponsor will forfeit 2,208,859 Founder Shares and half of the Private Placement Warrants held by the Sponsor prior to the Closing. Furthermore, the conditions for issuing the Earn-Out Shares were revised, shortening the duration for the Earn-Out Periods.

These adjustments were done to streamline the merger process and align the terms more effectively. Both the Amendment No. 2 and the Amended Letter Agreement are crucial documents that further define the terms of the merger between Blue Ocean Acquisition Corp and TNL Mediagene.

Investors and stakeholders are encouraged to refer to these amendments for a comprehensive understanding of the updated terms. The complete documentation of Amendment No. 2 and the Amended Letter Agreement can be accessed in the Exhibits section of the Form 8-K filing made with the Securities and Exchange Commission.

The company’s integration with TNL Mediagene marks a strategic move in their growth trajectory, and these amendments showcase a dedication to ensuring a successful transition for both entities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Blue Ocean Acquisition’s 8K filing here.

About Blue Ocean Acquisition

Blue Ocean Acquisition Corp. does not have significant operations. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company intends to focus within the consumer Internet sector in segments, such as online marketplaces, education and advertising technology, and direct-to-consumer e-commerce businesses in Asia, Latin America, and North America.