10-Q - Blue Ocean Acquisition Corp (0001856961) (Filer)

Fri, Nov 22, 11:03 AM (11 days ago)

Blue Ocean Acquisition Corp (BOCN) reported significant financial changes for the quarter ending September 30, 2024. The company experienced a net loss of $612.6K for Q3 2024, compared to a net income of $926.3K in Q3 2023. Total assets decreased from $67.3M at year-end 2023 to $21.2M, primarily due to redemptions of Class A ordinary shares, which dropped from 6.2M to 1.8M. Current liabilities surged to $8.3M, up from $4.3M, reflecting increased accounts payable and related party debts. Cash in the operating account fell to $47.7K. The company is actively pursuing a merger with TNL Mediagene, with the deadline extended to December 7, 2024. However, uncertainties remain regarding the completion of this merger, which could impact liquidity and lead to mandatory liquidation if not finalized. The company’s management acknowledges risks from rising interest rates, inflation, and geopolitical tensions, which may adversely affect operations and acquisition efforts. Future operations heavily depend on successfully consummating the merger and managing cash flow effectively to meet obligations.