Blue Ocean Acquisition Corp (NASDAQ:BOCN), a special purpose acquisition company, has entered into an amended and restated unsecured promissary note with TNL Mediagene, increasing the principal amount from $400,000 to $650,000, as per the 8-K filing with the SEC on July 19, 2024. The agreement, originally dated August 3, 2023, underwent no other substantive changes.
The amendment took place on Monday, July 15, 2024, and is part of the company's ongoing financial arrangements. The increase in the principal amount suggests additional capital requirements by Blue Ocean Acquisition Corp, although the specific use of the funds was not disclosed in the filing.
The promissary note is unsecured, indicating that TNL Mediagene does not have collateral against the loan provided to Blue Ocean Acquisition Corp. The terms of the note, including interest rates and repayment schedule, were not detailed in the summary of the filing.
This financial move comes as Blue Ocean Acquisition Corp continues to operate as a blank check company, typically formed for the purpose of acquiring or merging with an existing company. The company is listed on the Nasdaq Stock Market LLC and is classified as an emerging growth company under SEC regulations.
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