BlueRiver Acquisition Corp is a SPAC — a publicly listed shell company with no operations, formed to identify and merge with a private company to take it public. BlueRiver raised $287.5M in its February 2021 IPO and held those proceeds in a trust account while searching for a target, originally focused on TMT companies with enterprise values of $1B–$3B or more. BlueRiver generates no operating revenue; its only income is interest on trust assets invested in U.S. government securities or money market funds. The sponsor, BlueRiver Ventures, received founder shares at minimal cost as compensation for finding and executing a deal, and profits if the combined company's stock trades above the IPO price post-merger. BlueRiver has faced significant execution challenges: it missed its original February 2023 deal deadline, required multiple extensions, was delisted from the NYSE and later received a delisting notice from the NYSE American, and saw its trust depleted from $287.5M to roughly $17M as shareholders redeemed shares across three extension votes. In July 2023, BlueRiver signed a merger agreement with Spinal Stabilization Technologies, a Texas-based medical device company — a notable departure from BlueRiver's stated TMT focus. If the deal closes, SST would become publicly traded and BlueRiver shareholders would hold shares in the combined entity.