Blue World Acquisition in an 8-K said it signed a PIPE agreement for 600,000 shares at$10 each with Japan-based NOTAM Co., Ltd. The funds will support the SPAC’s pending acquisition of TOYO Solar.
TOYO focuses on solar photovoltaic products in Southeast Asia. The company plans to invest $350 million in a cell factory in Phu Tho Province, Vietnam.
Blue World last week extended the deal deadline to April 2 and earlier this week announced the formation of three holding companies that will control TOYO post-merger..
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.
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.
