Blue World Acquisition today announced that it is extening its merger deadline to Oct. 2 for completing a deal.
The SPAC last month announced a merger agreement with Vietnam Sunergy Cell Company Limited (dba TOYO).
TOYO Solar is an indirect subsidiary of Fuji Solar, whose major shareholder is Abalance Corporation, a Japanese company publicly traded on the Tokyo Stock Exchange. TOYO focuses on solar photovoltaic products in Southeast Asia. TOYO plans to invest $350 million in a cell factory in Phu Tho Province, Vietnam.
The SPAC’s sponsor deposited $60,000 into trust as consideration for the one-month extension.
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.
