TOYO Co., Ltd Announces Consummation of Business Combination and Debut on Nasdaq
TOYO Co., , a solar solution company, has completed its business combination with Blue World Acquisition , leading to its debut on Nasdaq under the ticker 'TOYO' on July 2, 2024. The business combination merges Vietnam Sunergy Cell Company, a subsidiary of TOYO, with Blue World. The deal was approved by Blue World's shareholders on May 28, 2024, and all closing conditions have been met. As a result, TOYO's ordinary shares will trade on Nasdaq, while its warrants will trade on OTC Markets. This strategic move aims to enhance TOYO's global reach, especially in the U.S. market, by leveraging the Nasdaq listing to strengthen its brand and access broader capital. The merger was supported by Cooley LLP, Robinson & Cole LLP, and Beyond Capital as advisors.
- TOYO's debut on Nasdaq under the ticker 'TOYO' enhances its visibility and credibility.
- Completion of the business combination with Blue World, approved by shareholders.
- Expands TOYO's reach into the U.S. market, unlocking broader access to capital.
- The market reaction to the listing remains to be seen.
Insights
The consummation of the business combination between TOYO Co., Ltd and Blue World Acquisition Corporation culminating in TOYO's debut on Nasdaq is a significant development. This move provides TOYO with access to U.S. capital markets, potentially enhancing its ability to raise funds for future expansion and R&D. The listing could also boost investor confidence by indicating a level of regulatory compliance and corporate governance required by Nasdaq.
This transaction will likely increase liquidity for TOYO's shares, making it easier for investors to buy and sell shares. For TOYO, this means improved visibility and credibility on a global scale, which could attract institutional investors and strategic partners.
However, investors should also consider the risks associated with such a listing. There's increased scrutiny and pressure to deliver consistent financial performance. Furthermore, the costs of compliance with U.S. regulations can be substantial.
TOYO's entry into the U.S. stock market comes at a time when renewable energy investments are gaining momentum. Solar energy, specifically, has seen a surge in interest due to global shifts towards sustainable energy solutions. TOYO's alignment with this trend could position it well to capitalize on increasing demand for solar solutions.
TOYO's Nasdaq listing underpins its strategy to expand its market reach. By being listed on a major U.S. exchange, TOYO is better positioned to attract attention from U.S.-based institutional investors who are increasingly oriented towards ESG (Environmental, Social and Governance) investments.
However, it is important to note that the solar industry is highly competitive, with significant players already established in the market. TOYO's success will depend on its ability to differentiate its products and services and maintain cost competitiveness.
The completion of this business combination and subsequent listing on Nasdaq implies that TOYO has successfully navigated through a complex regulatory environment. The approval by Blue World's shareholders and the meeting of all closing conditions indicate strong support and compliance with relevant standards.
From a legal perspective, the Form 8-K filing with the SEC is a important step that ensures transparency and provides investors with detailed information regarding the transaction. This regulatory requirement enhances investor protection and provides a layer of legitimacy to the business combination.
Investors should be aware of the ongoing compliance costs and regulatory obligations that TOYO will need to fulfill as a Nasdaq-listed entity. These include regular financial reporting, adherence to corporate governance norms and maintaining transparency with investors.
Ordinary Shares of TOYO Co., Ltd to Trade on Nasdaq under the Ticker Symbol "TOYO"
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
Mr. Junsei Ryu, the Chief Executive Officer and Director of TOYO, commented: "We feel fortunate to embark on a new journey becoming a
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
Advisors
Cooley LLP acted as
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
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SOURCE TOYO Co., Ltd
FAQ
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