Note 10 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred up to the date of the unaudited condensed consolidated financial statements were issued. Based upon this review, other than as noted below, the Company determined that there have been no other events that have occurred that would require adjustments to the disclosures in the unaudited condensed consolidated financial statements.

On July 3, 2024, the NYSE American suspended trading in the redeemable warrants (NYSE: BLUA.U) of the Company (the “Public Warrants”) from NYSE American. On July 15, 2024, the NYSE American suspended trading in the Class A ordinary shares (NYSE American: BLUA) and units (NYSE American: BLUA.U) of the Company on NYSE American.

The NYSE American had previously announced on February 2, 2024 an NYSE Regulation determination to delist all of the Company’s listed securities. On July 12, 2024, the Company withdrew its appeal from the NYSE American and on July 15, 2024, NYSE American filed a Form 25 delisting the Company’s securities.

As a result of the NYSE American delisting the Company’s securities from trading on its exchange, the Company’s securities may be quoted on an over-the-counter market. However, the Company has not made any application to list the Company’s units, Class A ordinary shares or Public Warrants on the over-the-counter markets. Accordingly, the Company could face significant material adverse consequences, including: (i) a limited availability of market quotations for the Company’s units, Class A ordinary shares and Public Warrants, (ii) reduced liquidity for the Company’s units, Class A ordinary shares and Public Warrants, (iii) a determination that the Company’s Public Shares are “penny stocks” which will require brokers trading in the Company’s Public Shares to adhere to more stringent rules, including being subject to the depository requirements of Rule 419 of the Securities Act, and possibly result in a reduced level of trading activity in the secondary trading market for the Company’s units, Class A ordinary shares and Public Warrants, (iv) a decreased ability to issue additional securities or obtain additional financing in the future, and (v) a less attractive acquisition vehicle to a target business in connection with an initial business combination. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” If the Company is no longer listed on NYSE American, the Company’s units, Class A ordinary shares and Public Warrants would not qualify as covered securities under such statute and we may be subject to regulation in each state in which we offer our securities.

On August 2, 2024, the Company held an extraordinary general meeting of its shareholders. At the Meeting, the Company’s shareholders approved the Extension proposal that extends the date to consummate the Business Combination up to 4 times by an additional 3 months each time to August 2, 2025. In connection with such vote, on August 2, 2024, the holders of an aggregate of 1,475,947 Public Shares exercised their right to redeem their shares for an aggregate of approximately $16,397,771 in cash held in the Trust Account.