David Bauer, who holds the dual roles of Chief Executive Officer and Chief Financial Officer at Blue Acquisition Corp. (BACC), has filed a disclosure indicating a shift in his beneficial ownership of the firm's Class A ordinary shares. The documentation, submitted on June 18, 2026, captures transactions that took place on June 16, 2026. During this period, BACC shares were valued at $10.45 each, contributing to a total market capitalization of $292 million for the company.
Mr. Bauer, who also acts as a director and is recognized as a ten percent owner, is now considered to have beneficial ownership of 391,000 Class A ordinary shares. This adjustment in ownership status is a direct result of the resignation of Ketan Seth, the former Chief Executive Officer, from his position as managing member of Blue Holdings Management LLC on June 16, 2026. Blue Holdings Management LLC functions as the managing member for Blue Holdings Sponsor LLC, which serves as the record holder for these specific securities.
Following Mr. Seth's departure and the subsequent forfeiture of his associated rights, Mr. Bauer was named as the new managing member of Blue Holdings Management LLC. This appointment confers upon him voting and investment discretion over the securities held by Blue Holdings Sponsor LLC. As a result, Mr. Bauer may be deemed to have beneficial ownership of these shares, although he has explicitly disclaimed any beneficial ownership except to the extent of his pecuniary interest in the matter.
The reported transaction, which reflects this acquisition of beneficial ownership, involved a total of 391,000 Class A ordinary shares. The disclosed price for this transaction was $0.0 per share, resulting in a total transaction value of $0. These shares are part of a larger block of 391,000 private placement units originally purchased by Blue Holdings Sponsor LLC. Each private placement unit was acquired for $10 and consists of one Class A ordinary share along with one right to receive one-tenth of one Class A ordinary share upon the completion of the company's initial business combination.
According to InvestingPro analysis, BACC is currently trading at a valuation that appears overvalued relative to its Fair Value, with shares hovering near their 52-week high of $10.50. The platform assigns the company a financial health score of "Fair." Additionally, both Blue Holdings Sponsor LLC and Blue Holdings Management LLC are listed as reporting owners in this filing and are recognized as ten percent owners of Blue Acquisition Corp.