Mon, Aug 19, 8:55 PM (148 days ago)
For the quarter ending June 30, 2024, Blue Ocean Acquisition Corp reported a net loss of $963,275, significantly down from a net income of $899,440 for the same period in 2023. The loss was attributed to operational expenses of $1,712,516 and interest expenses of $31,327, despite earning $711,332 in interest from cash held in the trust account. The company experienced a working capital deficit of $7,266,566, reflecting a liquidity challenge as cash reserves dropped to $60,159 from $61,977 at year-end 2023. The trust account balance decreased dramatically to $20,811,005 from $67,214,745 due to shareholder redemptions following extraordinary meetings. Notably, 4,315,265 shares were redeemed at a price of approximately $11.20 each, impacting available cash for future operations. The company has extended its deadline to complete a business combination to December 7, 2024, amid uncertainties surrounding market conditions and regulatory changes. The management emphasizes the need for successful capital raising and business combination to mitigate ongoing operational losses and enhance financial stability.