Blue World Acquisition postpones EGM to approve TOYO Solar combination

Blue World Acquisition postponed the extraordinary general meeting pending the Post-Effective Amendment in connection with the proposed business combination between Blue World and Vietnam Sunergy Cell Company Limited, a Vietnamese company. Prior to the Extraordinary General Meeting, TOYO Co., Ltd, a Cayman Islands exempted company and the parent of TOYO Solar intends to file with the U.S. Securities and Exchange Commission and make available to Blue World’s shareholders, a post-effective amendment to the Registration Statement on Form F-4 of PubCo, as amended, which includes the proxy statement, as amended. The Post-Effective Amendment will include financial statements of TOYO Solar as of and for the year ended December 31, 2023. The Business Combination continues to progress and is expected to be completed after the Extraordinary General Meeting, subject to the satisfaction of all other closing conditions. Following the completion of the Business Combination, the combined company will operate as TOYO Co., Ltd and is expected to be listed on the Nasdaq Capital Market under the ticker “TOYO.” In anticipation of filing of the Post-Effective Amendment with the SEC, Blue World has postponed the Extraordinary General Meeting originally scheduled to be held on April 23, 2024, at 9:00 a.m., Eastern Time and will discard the votes previously received accordingly. After the Post-Effective Amendment is declared effective by the SEC, Blue World will mail the Proxy Statement Amendment when available to its shareholders as of a record date established for voting on the proposed Business Combination and recollect the vote on the proposals as provided in the Proxy Statement Amendment. Blue World’s shareholders are advised to carefully read the Proxy Statement Amendment before making any voting or investment decision. In connection with the postponement of the Extraordinary General Meeting, Blue World will return redemption requests previously received, if any, and postpone acceptance of redemption request until the mailing of the Proxy Statement Amendment. Blue World will instruct new deadline for delivery of redemption requests from Blue World’s public shareholders to its transfer agent as provided in the Proxy Statement Amendment.