Fuji Solar subsidiary TOYO Solar filed an amended F-4 on its deal with Blue World Acquisition, including financial statements for the year ended Dec. 31 and a law firm’s opinion supporting the validity of new shares to be registered.
Blue World’s shareholder vote on the proposed merger with the Vietnam-baed TOYO had been delayed until the amended F-4 was filed.
Blue World raised $92 million in a February 2022 IPO, although redemptions since then have left it with about $41 million in trust. The SPAC last month announced a $6 million PIPE to support the deal.
Terms of the merger include an earnout escrow of 13 million shares. If TOYO posts a net profit of at least $41 million by December 2024, the shares in escrow would vest and be released to Fuji 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. Read more.
