Blue World Acquisition Corp: debt financing — Blue World Acquisition extends business combination deadline to July 2, 2023 with $194,324 trust deposit

Blue World Acquisition Corp

Deposited $194,324 ($0.0295 per public share) into trust account to extend deadline from June 2 to July 2, 2023.
Issued unsecured promissory note to sponsor Blue World Holdings Limited for the extension fee; note bears no interest and matures upon business combination.
Sponsor may convert promissory note into private units at $10.00 per unit upon business combination.
Company has option to extend up to nine additional months until February 2, 2024, with similar monthly deposits.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Blue World Acquisition Corp incurred loan of $194,324 with Blue World Holdings Limited at no interest maturing upon the consummation of the Company’s business combination.

Instrument: loan
Principal: $194,324
Counterparty: Blue World Holdings Limited
Rate: no interest
Maturity: upon the consummation of the Company’s business combination
Event: incurrence

Exact text from the filing

On June 2, 2023, a total of $194,324 was deposited into the trust account of the Company (the “Extension Fee”) to extend the timeline to complete a business combination for additional one month from June 2, 2023 to July 2, 2023 (the “Extension”). Such deposit of the Extension Fee is evidenced by an unsecured promissory note (the “Promissory Note”) in the principal amount of $194,324 to the Sponsor. The Promissory Note bears no interest and is payable in full upon the consummation of the Company’s business combination (such date, the “Maturity Date”).

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Source: SEC EDGAR

accession 0001213900-23-045745

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