Seth Ketan 4

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.