Blue World Acquisition Corporation announced a private placement of a unsecured non-convertible promissory note for proceeds of $30,000 on December 26, 2023. The transaction included participation from returning investor, Blue World Holdings Limited. The note bears no interest and is payable in full upon the consummation of the Company?s business combination.

The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action, (iii) the breach of the Company?s obligations thereunder; (iv) any cross defaults; (v) an enforcement proceedings against the Company; and (vi) any unlawfulness and invalidity in connection with the performance of the obligations thereunder, in which case the Extension Note may be accelerated.