8-K
filed July 3, 2023, 7:59 PM ET
CIK 0001878074
other material
confidence high
sentiment neutral
materiality 0.60
Blue World Acquisition Corp: debt financing — Blue World Acquisition extends business combination deadline; 2.75M shares redeemed
Blue World Acquisition Corp
- Shareholders approved charter amendment for up to nine monthly extensions to April 2, 2024; first extension from July 2 to Aug 2, 2023.
- $60,000 deposited into trust; funded by sponsor via unsecured promissory note convertible into private units at $10/unit.
- 2,749,465 Class A shares redeemed in connection with the vote, reducing trust account size.
- D&O indemnity escrow of $500,000 released; alternative D&O insurance secured effective July 1, 2023.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Blue World Acquisition Corp incurred convertible notes of $60,000 with Sponsor at 0% maturing upon consummation of business combination or expiry of term.
- Instrument
- convertible notes
- Principal
- $60,000
- Counterparty
- Sponsor
- Rate
- 0%
- Maturity
- upon consummation of business combination or expiry of term
- Event
- incurrence
Exact text from the filing
In connection with the Monthly Extension Payment, the Company issued an unsecured promissory note of $60,000 (the “ Note ”) to the Sponsor. The Note bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company’s business combination (the “ Business Combination ”) or (ii) the date of expiry of the term of the Company (the “ Maturity Date ”).
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Blue World Acquisition Corp: Amended charter to extend business combination deadline to July 2, 2023, with up to nine monthly extensions to April 2, 2024 (effective 2023-07-02).
- Change
- charter amendment
- Effective
- 2023-07-02
Exact text from the filing
which provides that the Company has until July 2, 2023 to complete a Business Combination, and may elect to extend the period to consummate a Business Combination up to nine times, each by an additional Monthly Extension, for a total of up to nine months to April 2, 2024.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Blue World Acquisition Corp amended Trust Agreement with Continental Stock Transfer & Trust Company (effective 2023-06-30).
- Action
- amendment
- Counterparty
- Continental Stock Transfer & Trust Company
- Effective
- 2023-06-30
Exact text from the filing
Upon the shareholders’ approval, on June 30, 2023, the Company and the Trustee entered into the amendment to the Trust Agreement.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Blue World Acquisition Corp shareholders approved Approval to release funds from D&O Indemnity Escrow Account at the 2023-07-02 meeting.
- Outcome
- passed
- Meeting
- 2023-07-02
Exact text from the filing
The shareholders approved the proposal to release the funds held in the escrow account (the “ Escrow Account ”) pursuant to the D&O Reserve Fund Escrow Agreement, dated January 31, 2022 (the “ D&O Indemnity Escrow Agreement ”), by and between the Company and Continental Stock Transfer & Trust Company, as escrow agent, on July 2, 2023 or such a later date immediately following the purchase of an alternative D&O Insurance (the “ D&O Indemnity Escrow Release Proposal ”). The voting results were as follows: FOR AGAINT ABSTAIN 8,064,519 132,766 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Blue World Acquisition Corp shareholders approved Approval of Charter Amendment to extend deadline to July 2, 2023 and allow monthly extensions to April 2, 2024 at the 2023-07-02 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-07-02
Exact text from the filing
The shareholders approved the proposal to amend the Company’s Charter to provide that the Company has until July 2, 2023 to complete a Business Combination, and may elect to extend the period to consummate a Business Combination up to nine times, each by an additional Monthly Extension, for a total of up to nine months, to April 2, 2024. The voting results were as follows: FOR AGAINT ABSTAIN 7,380,169 817,116 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Blue World Acquisition Corp shareholders approved Approval of Trust Amendment to commence liquidation by July 2, 2023 or extended date at the 2023-07-02 meeting.
- Outcome
- passed
- Meeting
- 2023-07-02
Exact text from the filing
The shareholders approved the proposal to amend the Trust Agreement to provide that the Trustee must commence liquidation of the Trust Account by July 2, 2023, or, if further extended by up to nine one-month extensions, up to April 2, 2024. The voting results were as follows: FOR AGAINT ABSTAIN 7,380,169 817,116 0
View on SEC.gov
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