Blue World Acquisition filed a definitive proxy outlining terms of its proposed merger with TOYO Solar.
Terms call for the SPAC to issue 7,923,658 ordinary shares, 5,005,672 warrants and 5,005,672 shares issuable upon the exercise of TOYO warrants.
Earlier this month 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.
