- CEO
- Liang Shi
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 244 Fifth Avenue New York City NY United States of America 10001
- IPO Date
- Mar 16, 2022
- Business
- Blue World Acquisition Corporation (BWAQW) operates as a blank check company, or special purpose acquisition company (SPAC), with no significant ongoing business operations and a focus on effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities; it targets primarily companies in the marine leisure, cruise, marine infrastructure and engineering, general hospitality, travel and tourism, marine services, logistics and supply chain, offshore energy solutions, and related industry segments. Incorporated in the Cayman Islands in 2021 and headquartered at 244 Fifth Avenue, Suite B-88, New York, New York, the company went public in February 2022 via an initial public offering of 9.2 million units at $10 each, raising $92 million in proceeds held in trust for deployment in an initial business combination. In a major strategic development, Blue World completed a reverse merger with Vietnam Sunergy Cell Company Limited, a wholly-owned subsidiary of TOYO Co., Ltd, a solar solutions provider specializing in the manufacturing and sales of solar cells from facilities in Phu Tho Province, Vietnam, on July 1, 2024, following shareholder approval on May 28, 2024 and multiple deadline extensions, PIPE financing of $6 million, and amendments to the original August 2023 business combination agreement; post-merger, the combined entity trades as TOYO Co., Ltd on Nasdaq under the ticker TOYO with warrants on OTC Markets, while Blue World's warrants (BWAQW) continue trading separately.