Company: BACC
Filing Date: 2025-06-11
Form Type: S-1/A
Source: 0001185185-25-000607
Chunk: 23

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-06-11
Form: S-1/A
Chunk 23
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 General Clark, our Non-Executive Chairman nominee, was a director of Argyle Security, Inc., formerly Argyle Security Acquisition Corporation, incorporated in Delaware in June 2005 as a special purpose acquisition company focused on acquiring a business in the security industry. In January 2006, Argyle Security Acquisition Corporation (“Argyle”) consummated an initial public offering of its units, each consisting of one share of common stock and one warrant to purchase one additional share of common stock, for a purchase price of $8.00 per unit, from which it received net proceeds of approximately $28.2 million (after deducting certain offering expenses of approximately $2.4 million, including underwriting discounts of approximately $1.8 million), 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. Argyle also assumed approximately $6.0 million of long-term debt, approximately $7.6 million outstanding