Blue World Acquisition announced that it postponed the shareholders meeting to vote on a proposed merger with Vietnam-baed Sunergy Cell ( dba TOYO Solar).
TOYO intends to file an amended F-4 to include financial statements for the year ended Dec. 31.
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.
Toyo is an indirect subsidiary of Fuji Solar. 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.
