Blue World Acquisition Corporation Announces Extension of the Deadline for an Initial Business Combination

New York, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Blue World Acquisition Corporation (the “Blue World”) (NASDAQ: BWAQ) today announced that, in order to extend the date by which Blue World must complete its initial business combination from January 2, 2024 to February 2, 2024, an aggregate of $60,000 (the “Extension Fee”) has been deposited into Blue World’s trust account (the “Trust Account”).

The payment for the Extension Fee was made by Blue World Holdings Limited, the sponsor of the Company (the “Sponsor”) and Fuji Solar Co., Ltd (“Fuji Solar”), an indirect major shareholder of Vietnam Sunergy Cell Company Limited (“TOYO Solar”), each of whom deposited one-half (1/2) of the Extension Fee, respectively, pursuant to the Agreement and Plan of Merger, dated as of August 10, 2023, as amended on December 6, 2023, by and among Blue World, TOYO Solar, Fuji Solar and other relevant parties in connection with a proposed business combination. Blue World issued to each of the Sponsor and Fuji Solar an unsecured promissory note to evidence the deposit of the Extension Fee.

About Blue World Acquisition Corporation

Blue World Acquisition Corporation is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

About TOYO Solar

TOYO Solar is an indirect subsidiary of Fuji Solar, whose major shareholder is Abalance Corporation, a Japanese company publicly traded on the Tokyo Stock Exchange. TOYO Solar is committed to becoming a reliable full service solar solutions provider in the United States and globally, integrating the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and potentially other stages of the solar power supply chain.  TOYO Solar has completed the phase 1 construction of a cell plant in Phu Tho Province, Vietnam with a designed annual capacity of 3GW, which has commenced commercial production since October 2023. The phase 2 construction is expected to commence in the second half of 2024, the completion of which is expected to extend TOYO Solar’s annual solar cell production capacity to a total of 6GW.  Notably, TOYO Solar’s affiliated company, Vietnam Sunergy Joint Stock Company, has been listed by Bloomberg NEF as one of Tier 1 listed solar module manufacturers since the first quarter of 2019, with 2022 sales exceeding US$1.2 billion.