2023-06-06 08:25:31 ET
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TNL Mediagene is going public on Nasdaq via a business combination with SPAC Blue Ocean Acquisition ( NASDAQ: BOCN ).
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Once the transaction is closed, Blue Ocean surviving the merger as a wholly owned subsidiary of TNL Mediagene and TNL Mediagene is expected to list on Nasdaq.
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The transaction gives TNL Mediagene a pre-money enterprise value of ~$275M.
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Per the terms, outstanding shares and warrants of Blue Ocean will be canceled and converted into the right to receive equivalent shares and warrants of TNL Mediagene.
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Certain insiders and other shareholders holding Class B common shares in Blue Ocean have agreed to defer receipt of the shares of TNL Mediagene, up to 36 months from the merger.
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TNL Mediagene was formed in May 2023 by merger of Taiwan's The News Lens Co. and Japan's Mediagene Inc. TNL Mediagene operates media brands in Chinese and Japanese that reach more than 50 million unique visitors.
- TNL Mediagene's proprietary AI- and big-data-based advertising- and marketing-technology platforms are state of the art and empower multinational brands to target Asian millennial and Gen Z customers.
- Backed by North Base Media, a global media-focused venture-capital firm, Blue Ocean brings deep media experience and background to combination.
- The transaction will require the approval of shareholders of Blue Ocean and TNL Mediagene, and is subject to other closing conditions.
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The deal is expected to close in the first quarter of 2024.
For further details see:
TNL Mediagene to go public on Nasdaq via business combo with internet and media SPAC Blue Ocean Acquisition