Blue World Acquisition said it amended its merger agreement with TOYO Solar to reflect the restructuring of the combined company so that Fuji Solar Co. would transer all shares to WA Global (WAG), Belta Technology Company, and BestToYo Technology Company.
WAG, Belta and BestToYo are now newly incorporated holding companies wholly owned and controlled by the beneficial owners of Fuji Solar. As of result of the transfer, WAG, Belta and BestToYo became the only three shareholders of TOYO Solar. Immediately prior to the merger closing, WAG, Belta and BestToYo will collectively hold 41,000,000 shares, with WAG holding 25,420,000 shares, Belta holding 10,045,000 shares and BestToYo holding 5,535,000 shares.
Blue World last week extended the deal deadline to April 2.
At or prior to the deal closing, 13 million shares consisting of 8,060,000 held by WAG, 3,185,000 held by Belta and 1,755,000 held by BestToYo will be deposited in a segregated escrow account. These earnout shares will be released upon TOYO hitting certain financial milestones.
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.
