Filed by TOYO Co., Ltd
Pursuant to Rule 425 under the Securities Act of
1933,
as amended, and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934, as amended
Subject Company: Blue World Acquisition Corporation
Commission File No.: 001-41256
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 6, 2024
BLUE WORLD ACQUISITION CORPORATION
(Exact name of registrant as specified in its charter)
Cayman
Islands |
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001-41256 |
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N/A |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS
Employer
Identification Number) |
244 Fifth Avenue, Suite B-88
New York, NY 10001
(Address of principal executive offices)
(646) 998-9582
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☒ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act.
Title of each class |
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Trading Symbol |
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Name of each exchange on which
registered |
Units, consisting of one Class A Ordinary Share, $0.0001 par value, one-half of one redeemable Warrant, each whole warrant to acquire one Class A Ordinary Share, and one Right to acquire one-tenth of one Class A Ordinary Share |
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BWAQU |
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The Nasdaq Stock Market LLC |
Class A Ordinary Shares, par value $0.0001 per share |
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BWAQ |
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The Nasdaq Stock Market LLC |
Redeemable Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share |
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BWAQW |
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The Nasdaq Stock Market LLC |
Rights, each whole right to acquire one-tenth of one Class A Ordinary Share |
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BWAQR |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive
Agreement.
Amendment to the Merger Agreement
On February 6, 2024, Blue
World Acquisition Corporation (“BWAQ”) entered into an Amendment No. 2 (the “Amendment to the Merger Agreement”)
to the Agreement and Plan of Merger, dated as of August 10, 2023 (as the same may be amended, restated or supplemented, the “Merger
Agreement”) with TOYO Co., Ltd, a Cayman Islands exempted company (“PubCo”), TOYOone Limited, a Cayman Islands
exempted company (“Merger Sub”), TOPTOYO INVESTMENT PTE. LTD., a Singapore private company limited by shares (“SinCo”),
Vietnam Sunergy Cell Company Limited, a Vietnamese company, (“TOYO Solar”, together with PubCo, Merger Sub and SinCo,
the “Group Companies”, or each individually, a “Group Company”), Vietnam Sunergy Joint Stock Company,
a Vietnam joint stock company (“VSUN”), and Fuji Solar Co., Ltd, a Japanese company (“Fuji Solar”).
The Amendment to the Merger
Agreement was to reflect that Fuji Solar agreed to provide additional supports to the transactions contemplated under the Merger Agreement
(the “Transactions”). Pursuant to the Amendment to the Merger Agreement, Fuji Solar agreed to deposit into the trust
account of BWAQ the total amount of the fund for the extension from February 2, 2024 to March 2, 2024. Fuji Solar has further agreed to
be responsible for the total amount of the funds for the extension of SPAC’s term from March 2, 2024 to April 2, 2024 if the Merger
Closing has not occurred by March 1, 2024 due to (x) the gross negligence or willful misconduct of any of the Group Companies or the Shareholders,
or (y) the termination of the Merger Agreement by the Company. Such total amount of funds Fuji Solar shall be responsible for shall be
evidenced by an unsecured promissory note of BWAQ, the amount of which shall be fully repaid in cash at the Merger Closing (as defined
in the Merger Agreement) or converted into the SPAC Units (as defined in the Merger Agreement) at US$10 per unit immediately prior to
the Merger Closing at the discretion of Fuji Solar.
A copy of the Amendment to
the Merger Agreement is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 2.1 and is incorporated
herein by reference. The foregoing description of the Amendment to the Merger Agreement does not purport to be complete and is qualified
in its entirety by the terms and conditions of the Amendment to the Merger Agreement.
Issuance of the Extension Note
Pursuant to the amended and
restated memorandum and articles of association of BWAQ, BWAQ had until February 2, 2024 to complete its initial business combination,
provided however BWAQ may extend the period of time to consummate a business combination up to April 2, 2024, each by an additional one-month
extension, subject to the Sponsor, and/or its designee, depositing $60,000 (the “Extension Fee”) into the trust account
of BWAQ.
Pursuant to the Amendment
to the Merger Agreement as discussed above, on February 6, 2024, BWAQ issued an unsecured promissory note (the “Extension Note”)
in the principal amount of $60,000 to Fuji Solar, to evidence the deposit of the Extension Fee made by Fuji Solar into the trust account
to extend the timeline for BWAQ to complete a business combination for an additional one month from February 2, 2024 to March 2, 2024
(the “Extension”).
The Extension Note bears no
interest and is payable in full upon the consummation of BWAQ’s business combination (such date, the “Maturity Date”).
The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the Maturity Date;
(ii) the commencement of a voluntary or involuntary bankruptcy action, (iii) the breach of BWAQ’s obligations thereunder; (iv) any
cross defaults; (v) an enforcement proceedings against BWAQ; and (vi) any unlawfulness and invalidity in connection with the performance
of the obligations thereunder, in which case the Extension Note may be accelerated.
The payee of the Extension
Note, Fuji Solar, has the right, but not the obligation, to convert the Extension Note, in whole or in part, respectively, into private
units (the “Units”) of BWAQ, each consisting of one Class A ordinary share, one-half of one warrant, and one right
to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of a business combination, as described in the prospectus
of BWAQ (File Number 333-261585), by providing BWAQ with written notice of the intention to convert at least two business days prior to
the closing of the business combination. The number of Units to be received by Fuji Solar in connection with such conversion shall be
an amount determined by dividing (x) the sum of the outstanding principal amount payable to such payee by (y) $10.00.
The issuance of the Extension
Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
A copy of the Extension Note
is attached this Report as Exhibit 10.2 and is incorporated herein by reference. The foregoing description of the Extension Note does
not purport to be complete and is qualified in its entirety by the terms and conditions of the Extension Note.
Item 2.03 Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information disclosed
under Item 1.01 of this Report on Form 8-K is incorporated by reference into this Item 2.03 to the extent required herein.
Item 3.02 Unregistered Sales of Equity Securities.
The information disclosed
under Item 2.03 of this Report on Form 8-K is incorporated by reference into this Item 3.02 to the extent required herein. The Units (and
the underlying securities) issuable upon conversion of the Extension Note, if any, (1) may not, subject to certain limited exceptions,
be transferable or salable by Fuji Solar until the completion of BWAQ’s initial business combination, and (2) are entitled to registration
rights.
Item 8.01. Other Events.
On February 6, 2024, BWAQ
issued a press release, a copy of which is attached as Exhibit 99.1 to this Report on Form 8-K, announcing the Extension.
Forward-Looking Statements
This Report includes forward
looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts and may
be accompanied by words that convey projected future events or outcomes, such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,”
“could,” “plan,” “potential,” “predict,” “seek,” “target,” “aim,”
“plan,” “project,” “forecast,” “should,” “would,” or variations of such words
or by expressions of similar meaning. Such forward-looking statements, including statements regarding the advantages and expected growth
of the combined company, the cash position of the combined company following the closing, the ability of TOYO Solar and BWAQ to consummate
the proposed Transactions and the timing of such consummation, are subject to risks and uncertainties, which could cause actual results
to differ from the forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described
in the section entitled “Risk Factors” in BWAQ’s Annual Report on Form 10-K filed with the Securities and Exchange Commission
(the “SEC”) on September 28, 2023 (the “Form 10-K”), BWAQ’s final prospectus dated January
31, 2023 filed with the SEC (the “Final Prospectus”) related to IPO, and in other documents filed by BWAQ with the
SEC from time to time. Important factors that could cause the combined company’s actual results or outcomes to differ materially
from those discussed in the forward-looking statements include: TOYO Solar’s or the combined company’s limited operating history;
the ability of TOYO Solar or the combined company to identify and integrate acquisitions; general economic and market conditions impacting
demand for the products of TOYO Solar or the combined company; the inability to complete the proposed Transactions; the inability to recognize
the anticipated benefits of the proposed Transactions, which may be affected by, among other things, the amount of cash available following
any redemptions by BWAQ shareholders; the ability to meet Nasdaq’s listing standards following the consummation of the proposed
Transactions; costs related to the proposed Transactions; and such other risks and uncertainties as are discussed in the Form 10-K, the
Final Prospectus and the proxy statement to be filed relating to the Transactions. Other factors include the possibility that the proposed
Transactions do not close, including due to the failure to receive required security holder approvals, or the failure of other closing
conditions.
TOYO Solar, PubCo and BWAQ
each expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the expectations of TOYO Solar, PubCo or BWAQ with respect thereto or any change in events,
conditions or circumstances on which any statement is based, except as required by law.
Additional Information about the Transaction
and Where to Find It
In connection with the proposed
Transactions, PubCo intends to file with the SEC a registration statement on Form F-4, which will include a preliminary proxy statement
containing information about the proposed Transactions and the respective businesses of TOYO Solar and BWAQ, as well as the prospectus
relating to the offer of the PubCo securities to be issued to in connection with the completion of the proposed Transactions. After the
registration statement is declared effective, BWAQ will mail a definitive proxy statement and other relevant documents to its shareholders
as of the record date established for voting on the proposed Transactions.
INVESTORS AND SECURITY HOLDERS
ARE ADVISED TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS
AND THE PARTIES TO THE TRANSACTIONS. Investors and security holders will be able to obtain copies of these documents (if and when available)
and other documents filed with the SEC free of charge at www.sec.gov. Shareholders of BWAQ will also be able to obtain copies of the proxy
statement/prospectus without charge, once available, at the SEC’s website at www.sec.gov.
Participants in the Solicitation
PubCo, TOYO Solar, BWAQ and
their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from
BWAQ’s shareholders with respect to the proposed Transactions. Information regarding BWAQ’s directors and executive officers
is available in BWAQ’s filings with the SEC. Additional information regarding the persons who may, under the rules of the SEC, be
deemed to be participants in the proxy solicitation relating to the proposed Transactions and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus when it becomes available.
No Offer or Solicitation
This Report does not constitute
an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be
any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements
of the Securities Act.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
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Description |
2.1 |
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Amendment No. 2 to the Merger Agreement dated February 6, 2024, by and among Blue World Acquisition Corporation, TOYO Co., Ltd, TOYOone Limited, TOPTOYO INVESTMENT PTE. LTD., Vietnam Sunergy Cell Company Limited, Vietnam Sunergy Joint Stock Company, and Fuji Solar Co., Ltd. |
10.1 |
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Extension Promissory Note, dated February 6, 2024 issued by Blue World Acquisition Corporation to Fuji Solar Co., Ltd. |
99.1 |
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Press Release, dated February 6, 2024, announcing the Extension and the Extension Note. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Blue World Acquisition Corporation |
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By: |
/s/ Liang Shi |
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Name: |
Liang Shi |
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Title: |
Chief Executive Officer |
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Date: February 6, 2024 |
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