Blue Ocean Acquisition, a blank check company targeting high-growth internet and media sectors, raised $165 million by offering 16.5 million units at $10. The company offered 1.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Chairman Marcus Brauchli, co-founder and Managing Partner of North Base Media and former VP of Graham Holdings Company (NYSE: GHCO) and predecessor The Washington Post, and CEO and Director Paul Bascobert, the former CEO of Gannett (NYSE: GCI) and President of XO Group.
Blue Ocean Acquisition plans to target the high-growth internet, media, and adjacent industry segments, including online marketplaces, content and subscription management, education and training, advertising technology and direct-to-consumer businesses, focusing on those with initial enterprise values between $750 million and $2.0 billion and placing a particular emphasis on large-population, high-growth emerging regions in Asia and Latin America, as well as in North America, including the US.
Blue Ocean Acquisition plans to list on the Nasdaq under the symbol BOCNU. Needham & Co. acted as sole bookrunner on the deal.
