Blue World Acquisition today announced that Zenin Investments deposited $60,000 into the SPAC’s trust to continue operating until June 2 while the company works to complete its deal with TOYO Solar.
The SPAC issued an unsecured promissory note to ZENIN for the deposit.
Earlier this week TOYO Solar filed an amended F-4 on the merger deal, 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 Vietnam-based 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.
