Seth Ketan 4
4 · Blue Acquisition Corp/Cayman · Filed Jun 18, 2026
Research Summary
AI-generated summary of this filing
Blue Acquisition (BACC) 10% Owner Seth Ketan Disposes Shares
What Happened
Seth Ketan, a 10% owner and former CEO of Blue Acquisition Corp. (BACC), resigned certain sponsor/managing-member roles and forfeited and surrendered his interests in the sponsor and related securities on June 16, 2026. The Form 4 reports dispositions (code J, "other acquisition/disposition") of:
- 391,000 Class A ordinary shares (direct) — disposed, price N/A, proceeds N/A;
- 391,000 derivative interests (rights) related to private placement units — disposed (these rights convert into 39,100 Class A shares upon a business combination); and
- 6,769,913 Class B ordinary shares (derivative) held by the sponsor — disposed (convertible one-for-one into Class A shares).
Per the filing, after the resignation and forfeiture Mr. Ketan owns no Class A or Class B ordinary shares or securities convertible into them.
Key Details
- Transaction date: June 16, 2026; Form 4 filed June 18, 2026 (timely filing).
- Transaction type/code: J — Other acquisition/disposition (forfeiture/surrender), prices listed as N/A, no cash proceeds reported.
- Economic equivalent: the disposed interests convert to approximately 7,200,013 Class A–equivalent shares (391,000 direct A + 39,100 from rights + 6,769,913 B→A).
- Shares owned after transaction: zero Class A, zero Class B, and no convertible securities of the issuer (per footnote).
- Notable footnotes: Ketan resigned as the issuer’s CEO effective June 9 and resigned from sponsor/managing-member roles and surrendered units/rights on June 16; the 391,000 private placement units were originally purchased by the sponsor for $10 per unit (historical detail).
Context
This was a forfeiture/surrender of sponsor/founder holdings tied to resignation, not an open-market sale, and no sale proceeds were reported — so it should not be read as a typical insider cash-sale transaction. The Class B founder shares and the sponsor rights are structured to convert into Class A shares upon the issuer’s business combination (or earlier at holder option), which is why the filing lists derivative dispositions. As always, this is factual reporting of ownership change; it does not state motivations or predict company performance.
Insider Transaction Report
Form 4Exit
Seth Ketan
10% Owner
Transactions
- Other
Class A ordinary shares
[F1][F2]2026-06-16−391,000→ 0 total(indirect: See footnotes) - Other
Rights to receive Class A ordinary shares
[F3][F1]2026-06-16−391,000→ 0 total(indirect: See footnote)→ Class A Ordinary Shares (39,100 underlying) - Other
Class B ordinary shares
[F4][F1]2026-06-16−6,769,913→ 0 total(indirect: See footnote)→ Class A Ordinary Shares (6,769,913 underlying)
Footnotes (4)
- [F1]On June 16, 2026, Ketan Seth, the former Chief Executive Officer of Blue Acquisition Corp. (the "Issuer") (a position from which Mr. Seth resigned as of June 9, 2026), resigned from his position as the managing member of Blue Holdings Management LLC ("BHM"), the managing member of Blue Holdings Sponsor LLC ("Sponsor"), and forfeited and surrendered to BHM any and all rights, tile or interest in and to any membership units of BHM and any securities of the Issuer, including, without limitation, any right, title or interest to or in any securities of the surviving public company upon and after the consummation (the "Closing"), if any, of the proposed business combination transaction between the Issuer and Blockfusion USA, Inc. Upon the resignation and forfeiture by Ketan Seth, he owns no Class A ordinary shares, Class B ordinary shares or any other securities convertible into Class A or Class B ordinary shares of the Issuer.
- [F2]Reflects the 391,000 Class A ordinary shares of the Issuer that are included in the 391,000 private placement units of the Issuer purchased by Sponsor. Each private placement unit was purchased for $10 per unit and consists of one Class A ordinary share and one right to receive one-tenth (1/10) of one Class A ordinary share upon consummation of the Issuer's initial business combination.
- [F3]Represents the 39,100 Class A ordinary shares, which may be acquired by Sponsor upon the conversion of 391,000 rights (included in the Sponsor's private placement units) upon consummation of the Issuer's initial business combination. As described in the Registration Statement on Form S-1 for the initial public offering of the securities of the Issuer (File No. 333-287281) (the "Registration Statement") under the heading "Description of Securities-Share Rights," each right will automatically convert into one-tenth (1/10) of one Class A ordinary share upon consummation of the Issuer's initial business combination, subject to certain adjustments described therein. No fractional Class A ordinary shares will be issued upon conversion of such rights.
- [F4]Represents 6,769,913 Class B ordinary shares held by the Sponsor acquired pursuant to a subscription agreement by and between the Issuer and the Sponsor. As described in the Registration Statement under the heading "Description of Securities--Founder Shares," the Class B ordinary shares will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments.
Signature
/s/ Ketan Seth|2026-06-18