Blue World Acquisition Corporation Announces Pricing of $80 Million Initial Public Offering

Rhea-AI Summary

Blue World Acquisition Corporation has priced its initial public offering (IPO) of 8,000,000 units at $10.00 each. Each unit consists of one Class A ordinary share, half a redeemable warrant, and one right. The warrants' exercise price is $11.50 per share. Trading is set to begin on Nasdaq under the symbol BWAQU on January 31, 2022, with the expected closing date on February 2, 2022. Maxim Group LLC is the sole book-running manager, with a 45-day option granted to purchase an additional 1,200,000 units. This IPO aims to facilitate a business combination with other entities.

Positive

• Successful pricing of 8,000,000 units for the IPO at $10.00 per unit.
• Each unit provides investors with shares, warrants, and rights, offering multiple investment avenues.
• Opportunity for growth through the structure of the SPAC targeting a business combination.

Negative

• None.

New York , Jan. 31, 2022 (GLOBE NEWSWIRE) -- Blue World Acquisition Corporation (the “Company”), a newly organized blank check company incorporated as a Cayman Islands exempted company and led by Chairman and Chief Executive Officer, Liang (Simon) Shi, today announced the pricing of its initial public offering of 8,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share, one-half of one redeemable warrant, and one right. Each whole warrant will entitle the holder thereof to purchase one Class A ordinary share, and each ten rights entitle the holder thereof to receive one Class A ordinary share. The exercise price of the warrants is $11.50 per full share. The units are expected to trade on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “BWAQU” beginning on January 31, 2022. Once the securities comprising the units begin separate trading, the Class A ordinary shares, warrants and rights will be traded on Nasdaq under the symbols “BWAQ,” “BWAQW,” and “BWAQR,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will be traded. The offering is expected to close on February 2, 2022, subject to customary closing conditions.

Maxim Group LLC is acting as the sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to 1,200,000 additional units at the initial public offering price to cover over-allotments, if any.

A registration statement on Form S-1 (File No. 333-261585) relating to the securities to be sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 31, 2022. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16^th Floor, New York, NY 10022, or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Blue World Acquisition Corporation

Blue World Acquisition Corporation is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting 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 contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering (“IPO”) and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Blue World Acquisition Corporation, including those set forth in the Risk Factors section of Blue World Acquisition Corporation’s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC's website, www.sec.gov. Blue World Acquisition Corporation undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information:
Liang (Simon) Shi
Chairman and Chief Executive Officer
Email: liang.shi@zeninpartners.com
Tel: (646) 998-9582

Investor Relations:
Jingwen Zhu
Associate
Email: jingwenzhu@zeninpartners.com
Tel: 86 13671834329

FAQ

What is the pricing of Blue World Acquisition Corporation's IPO?

The IPO is priced at $10.00 per unit for 8,000,000 units.

When will Blue World Acquisition Corporation start trading on Nasdaq?

Trading is set to begin on January 31, 2022, under the symbol BWAQU.

What does each unit of Blue World Acquisition Corporation's IPO consist of?

Each unit consists of one Class A ordinary share, one-half of a redeemable warrant, and one right.

What is the expected closing date for Blue World Acquisition Corporation's IPO?

The expected closing date is February 2, 2022.

Who is managing the IPO of Blue World Acquisition Corporation?

Maxim Group LLC is acting as the sole book-running manager for the offering.