Blue World Acquisition in an 8-K said it issued a convertible promissory note for $250,000 to its sponsor. The funds are earmarked for working capital.
The SPAC in August announced a merger agreement with Vietnam Sunergy Cell Company Limited (dba TOYO).
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 focuses on solar photovoltaic products in Southeast Asia. TOYO plans to invest $350 million in a cell factory in Phu Tho Province, Vietnam.
Blue World raised $92 million in a February 2022 IPO, although redemptions since then have left it with about $41 million in trust. Read more.
