TOYO Co., Ltd Announces Consummation of Business Combination and Debut on Nasdaq
TOYO Co., , a solar solutions company, has successfully completed its business combination with Blue World Acquisition The company's ordinary shares will start trading on Nasdaq under the ticker symbol 'TOYO' beginning July 2, 2024, while its warrants will trade on the OTC Markets. The business combination was approved by Blue World's shareholders on May 28, 2024, and all closing conditions have been met. The formal results of the vote are available on the SEC's website. TOYO aims to leverage its Nasdaq listing to boost its global presence and capitalize on the growing demand for renewable energy solutions.
- Completion of the business combination with Blue World Acquisition
- TOYO shares to commence trading on Nasdaq under the ticker symbol 'TOYO' on July 2, 2024.
- Enhanced international reach and brand strength with a Nasdaq listing.
- Improved access to capital markets.
- None.
Insights
The completion of the business combination between TOYO Co., Ltd and Blue World Acquisition Corporation (BWAQ) marks a significant milestone for TOYO as it begins trading on the Nasdaq under the ticker 'TOYO'. This event could be a pivotal moment for the company's financial health and market presence.
Short-term implications: Listing on the Nasdaq typically leads to increased visibility and liquidity, which can attract more investors. This could potentially boost the stock price in the short-term as new investors take positions.
Long-term implications: Access to a larger pool of capital and a broader investor base may support TOYO’s growth strategy. However, the company will also face increased regulatory scrutiny and reporting obligations, which could add to operational costs. The success of this move will hinge on TOYO's ability to leverage the raised capital effectively for expansion and innovation in the competitive solar energy market.
It is essential for investors to monitor how TOYO plans to utilize the funds raised and whether it can maintain its growth trajectory. Comparing TOYO’s performance metrics like revenue growth, profitability and market share against industry benchmarks will provide insight into its long-term potential.
TOYO's entry into the Nasdaq is a strategic move to enhance its global footprint and credibility in the solar energy market. The solar industry is experiencing robust growth, driven by increasing demand for clean energy solutions and government incentives worldwide.
Market positioning: TOYO, as an advanced solar cell manufacturer, stands to benefit from this trend. Listing on the Nasdaq can enhance its brand recognition in the U.S. market, opening up opportunities for new partnerships and customer acquisition. However, it's important for TOYO to differentiate itself in a market that features strong players like First Solar and SunPower.
Investors should pay attention to TOYO's market expansion strategies, technology advancements and its ability to win large contracts. Tracking industry reports and competitive landscape analyses will help understand TOYO's market position and growth prospects better.
Potential risks: Market volatility and policy changes, such as alterations in renewable energy subsidies, could impact TOYO’s growth. Additionally, supply chain disruptions and raw material price fluctuations are risks that need to be closely watched.
Ordinary Shares of TOYO Co., Ltd to Trade on Nasdaq under the Ticker Symbol “TOYO”
NEW YORK, NY, July 01, 2024 (GLOBE NEWSWIRE) -- 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.
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
FAQ
When will TOYO shares start trading on Nasdaq?
What is the ticker symbol for TOYO shares?
What was the result of the Blue World shareholders' vote on the business combination?
Where can the official results of the Blue World shareholders' vote be found?
What benefits does TOYO expect from its Nasdaq listing?
