Ordinary Shares of TOYO Co., Ltd to Trade on
Nasdaq under the Ticker Symbol "TOYO"
NEW YORK,
July 2,
2024 /PRNewswire/ -- TOYO Co., Ltd ("TOYO" or the
"Company"), a solar solution company, and Blue World Acquisition
Corporation ("Blue World") (NASDAQ: BWAQ) today announced the
completion of the previously announced business combination (the
"Business Combination") between Vietnam Sunergy Cell Company
Limited, a wholly-owned subsidiary of TOYO, and Blue World. The
listed company following the Business Combination is TOYO Co., Ltd.
The ordinary shares of TOYO are expected to commence trading on the
Nasdaq on July 2, 2024, under the
ticker symbol "TOYO." The warrants of TOYO are expected to commence
trading on the OTC Markets.
The announcement of the completion of the
Business Combination comes after Blue World's shareholders voted to
approve the transaction on May 28,
2024, and all remaining closing conditions were met. The
complete official results of the vote are included in a current
report on Form 8-K filed by Blue World on May 28, 2024 with the U.S. Securities and
Exchange Commission (the "SEC") at www.sec.gov.
Mr. Junsei Ryu,
the Chief Executive Officer and Director of TOYO, commented: "We
feel fortunate to embark on a new journey becoming a U.S.-listed
company through the Business Combination with Blue World. We are
committed to powering the world with green and clean energy and
showcasing our quality products and services on a larger global
stage."
Mr. Liang Shi, the
Chief Executive Officer of Blue World, shared: "We are very pleased
to announce the successful completion of the Business Combination
with TOYO, an advanced solar cell manufacturer experiencing rapid
growth. We believe TOYO will uphold its commitment to becoming a
reliable provider of comprehensive solar solutions globally. The
upcoming Nasdaq listing will serve as a catalyst, significantly
enhancing TOYO's international reach by strengthening its brand
with potential U.S. customers and unlocking broader access to
capital."
Advisors
Cooley LLP acted as U.S. legal advisor to TOYO.
Robinson & Cole LLP acted as U.S. legal advisor to Blue World.
Beyond Capital acted as financial advisor to TOYO.
About TOYO
TOYO is a solar solution company and is committed
to becoming a reliable full service solar solutions provider in the
global market, integrating the upstream production of wafer and
silicon, midstream production of solar cell, downstream production
of photovoltaic modules, and potentially other stages of the solar
power supply chain. TOYO is well positioned to produce high quality
solar cells at a competitive scale and cost.
About Blue World
Blue World Acquisition Corporation is a blank
check company, also commonly referred to as a special purpose
acquisition company, or SPAC, formed to effect a merger, share
exchange, asset acquisition, share purchase, reorganization, or
similar business combination with one or more businesses or
entities.
Forward-Looking
Statements
This press release includes "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements also include, but are not limited to,
statements regarding the expected growth of TOYO, TOYO's ability to
source and retain talent, and the cash position of TOYO following
closing of the Business Combination. These statements are based on
various assumptions, whether or not identified in this press
release, and on the current expectations of TOYO's management and
are not predictions of actual performance.
These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from those
expressed or implied by these forward-looking statements. Although
TOYO believes that it has a reasonable basis for each
forward-looking statement contained in this press release, TOYO
caution you that these statements are based on a combination of
facts and factors currently known and projections of the future,
which are inherently uncertain. In addition, there are risks and
uncertainties described in the final prospectus relating to the
proposed Business Combination, and other documents filed by TOYO
from time to time with the SEC. These filings may identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements.
TOYO cannot assure you that the forward-looking
statements in this press release will prove to be accurate. These
forward-looking statements are subject to a number of risks and
uncertainties, including, among others, the ability to recognize
the anticipated benefits of the Business Combination, costs related
to the transaction, the risk that the transaction disrupts current
plans and operations as a result of the consummation of the
transaction, the outcome of any potential litigation, government or
regulatory proceedings, the sales performance of TOYO, and other
risks and uncertainties, including but not limited to those
included under the heading "Risk Factors" of the filings of TOYO
with the SEC. There may be additional risks that TOYO does not
presently know or that TOYO currently believes are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements. In light of the significant
uncertainties in these forward-looking statements, nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. The forward-looking
statements in this press release represent the views of TOYO as of
the date of this press release. Subsequent events and developments
may cause those views to change. However, while TOYO may update
these forward-looking statements in the future, there is no current
intention to do so, except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing the views of TOYO as of any date
subsequent to the date of this press release. Except as may be
required by law, TOYO does not undertake any duty to update these
forward-looking statements.
Contact Information:
For TOYO Co., Ltd.
IR@toyoco.net
Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185
For Blue World Acquisition Corporation
Liang (Simon) Shi
Chairman and Chief Executive Officer
Email: liang.shi@zeninpartners.com
Tel: (646) 998-9582
View original
content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-consummation-of-business-combination-and-debut-on-nasdaq-302187916.html
SOURCE TOYO Co., Ltd