Vietnam Sunergy Cell Company Limited entered into a definitive business combination agreement to acquire Blue World Acquisition Corporation (NasdaqGM:BWAQ) in a reverse merger transaction on August 10, 2023. The board of directors of each of Blue World and TOYO Solar as well as shareholders of TOYO Solar have approved the transactions. Closing of the transactions will require the approval of the shareholders of Blue World and is subject to certain regulatory approvals and customary closing conditions including, among other things, a registration statement on Form F-4 (the ?Registration Statement?), of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the ?SEC?), and the approval by the Nasdaq Stock Market LLC on the listing application of the combined company. The transactions are expected to close in the first half of 2024.

Cooley LLP acted as U.S. legal advisor to TOYO Solar. Robinson & Cole LLP acted as U.S. legal advisor to Blue World. Beyond Capital acted as financial advisor to TOYO Solar.