Blue World Acquisition extended its deal deadline to May 2 by depositing $60,000 into trust. The payment was made by Fuji Solar, an indirect major shareholder of Vietnam Sunergy Cell Company (dba TOYO Solar), with which the SPAC is preparing its business combination. Blue World issued an unsecured promissory note to Fuji Solar for the deposit of the extension fee.
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 month secured a $6 million PIPE to support the deal.
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.
