Blue World Acquisition Corp. Class A (BWAQ) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Blue World Acquisition Corporation amended its Investment Management Trust Agreement, allowing the company to direct the Trustee on how to manage the trust account funds, including holding them uninvested, in an interest-bearing account, or investing in certain U.S. government securities or money market funds. To avoid being classified as an unregistered investment company, the company ordered the Trustee to liquidate investments in the trust account into cash by January 31, 2024, which marks the end of a 24-month period post-IPO, and to maintain the funds in cash until a business combination is completed or the company is liquidated.
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