Company: BACC
Filing Date: 2025-05-14
Form Type: S-1
Source: 0001185185-25-000465
Chunk: 173

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-05-14
Form: S-1
Chunk 173
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), together with net proceeds of approximately $0.9 million from a private placement. Approximately
$27.3 million of the proceeds from the initial public offering and the private placement was placed in a trust account for Argyle’s
benefit.

On July 31, 2007, pursuant to the terms of
a Merger Agreement, dated December 8, 2006, as amended on June 29, 2007 and July 11, 2007 (“Merger Agreement”), Argyle acquired all of the assets and liabilities of ISI-Detention Contracting Group, Inc. (“ISI”)
through the merger of Argyle’s wholly-owned subsidiary, ISI Security Group, Inc., into ISI. As a result of the merger, ISI became
a wholly owned subsidiary of Argyle. ISI is a provider of physical security solutions to commercial, governmental and correctional customers.

At the closing of the merger, the following
consideration was paid by Argyle to the stockholders of ISI:

| ● | $18,600,000 in cash;                                                                                                               |
| ● | 1,180,000 shares of common stock of Argyle (valued at approximately $9,180,000); and                                               |
| ● | $1,925,000 of unsecured promissory notes convertible into shares of common stock of Argyle at a conversion price of $10 per share. |

In addition, the merger consideration paid
by Argyle also included (i) payment of up to $2.0 million to an entity created by two executive officers of ISI in connection with the
issuance of performance and payment bonds to ISI; and (ii) approximately $1.0 million in ISI transaction costs.

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On March 30, 2010, Argyle announced that it had voluntarily deregistered its common stock, warrants and units consisting of common stock and warrants and suspended its reporting obligations under the federal securities laws by filing a Form 15 with the U.S. Securities and Exchange Commission (“SEC”). Argyle was eligible to deregister these securities because it had fewer than 300 holders of record of each class of these securities.

Nadim Qureshi, independent director nominee

BPGC
Acquisition Corp. (formerly known as Ross Acquisition Corp II):

Mr. Qureshi has been Chairman of the Board, Chief Executive Officer
and a director of BPGC Acquisition Corp. (formerly known as Ross Acquisition Corp II,