Skip to main content
spacbrain

Blue World Acquisition Corp

BWAQ · Nasdaq

Trust settledTOYO Co., Ltd · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Blue World Holdings Ltd, listed on Nasdaq in January 2022.
What it's doing now
It agreed to buy TOYO Co., Ltd, a solar cell and PV module manufacturing company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
TOYO Co., Ltd
Industry
Information Technology — solar cell and PV module manufacturing
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
31 January 2022
size not on file · 101.0% of each $10 unit into trust
Headquarters
244 FIFTH AVENUE, SUITE B-88, NEW YORK, NY, 10001
registered in the Cayman Islands
Lead underwriter
not extracted from the prospectus yet
Key officers
Cheong Weixiong (COO) · Li Zhenyu (Director) · Bok Buhdy Sin Swee (Director)
Listed securities
BWAQ common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

2 dated milestones

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 31 January 2022IPOpassed

    IPO size not on file

  2. 26 March 2024Extension votepassed0001213900-24-019673opens on sec.gov in a new tab

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

The score

deterministic, from filed fields

BWAQ is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 294 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Blue World Acquisition Corp (Nasdaq: BWAQ) was a blank-check company whose IPO was priced on January 31, 2022, per a 424B prospectus filed with the SEC. The company's common ticker BWAQ appeared on the cover page of an 8-K filed on June 7, 2024. The vehicle completed a business combination and no longer files, with its closed status established by a Form 25 filed on July 1, 2024, under 17 CFR 240.12d2-2(a)(3), reflecting that its class A ordinary shares, rights, warrants, and units had come to evidence other securities in substitution therefor. The company is assigned SEC SIC industry code 6770 and SEC CIK 0001878074.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • DEFM14A10 May 20240001213900-24-041520opens on sec.gov in a new tab

    The $29,500,000 minimum cash condition is the live risk for BWAQ holders: if redemptions take the trust below it, the counterparty is not obliged to close and the deal can fail. The reorganization economics are the other flag — the same asset chain moved for SGD1.00 in one step and no less than $50,000,000 in the next, so the valuation being brought to public shareholders rests on related-party transfers rather than an arm's-length price.

  • DEFM14A28 March 20240001213900-24-027217opens on sec.gov in a new tab

    The $29,500,000 minimum cash condition is the number that decides whether this deal closes: if redemptions leave less than that in trust and no substitute financing appears, the condition fails and the combination can be abandoned. The reorganisation buys SinCo for one Singapore dollar and then has SinCo pay at least $50 million for TOYO Solar, a structure that moves value between related parties immediately before closing. Public holders can redeem for their pro rata trust share instead, and the working capital loan conversions required at closing add further shares ahead of them.

  • DEF 14A5 March 20240001213900-24-019673opens on sec.gov in a new tab

    The company publishes its own redemption scenarios, and the 80% case dropping the monthly fee to about $23,027 shows management is planning for the trust to be largely emptied at this vote. After approval the board can invoke each monthly extension without returning to shareholders, so this is the last vote holders control before the November 2, 2024 backstop. At $0.03 per share per month the trust accretes about 0.3% of a $10 share, so the redemption floor barely moves across seven months of delay on the TOYO transaction signed in August 2023.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPO$10.10

Unit: U = S + W · 101.0% of the $10 unit

from 424B4 0001213900-22-004541

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Blank Checks (6770)
Registered inthe Cayman Islands
Exchange · CIKNasdaq · 0001878074

All filings on EDGARopens on sec.gov in a new tab

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

12 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

35 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail5 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

BWAQ — company record
UNIVERSE-HISTORY2026-08-16

admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-22-004541 priced 2022-01-31; common ticker BWAQ off 8-K 0001213900-24-050754 (2024-06-07); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000461 (2024-07-01) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: class a ordinary shares, rights, warrants, units). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "Blue World Holdings Ltd" (SEC CIK 0001892597) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-22-004968.

Deal — TOYO Co., Ltd
UNTAGGED

[CLOSED-2.01] SEC accession 0001213900-24-059668 (Form 8-K, item 2.01 Completion of Acquisition or Disposition of Assets); the cover's date of earliest event reported is 2024-07-01. That is the SEC's own date for this report and NOT necessarily the closing day — an 8-K may cover several events, and where the two differ the closing date is in the quoted sentence below. Target read STRUCTURALLY from the merger agreement's party list — the party that is neither the registrant (identified by the filing's own cover page) nor a merger sub (identified by the clause making it a subsidiary of another party) nor an accommodation party (identified by a "solely for purposes of" joinder), and it was the only one left. The sentence it was read from: "☐ Introductory Note On July 1, 2024 (the "Closing Date"), Blue World Acquisition Corporation, a Cayman Islands exempted company ("BWAQ"), consummated the previously announced business combination pursuant to the Agreement and Plan of Merger, dated as of August 10, 2023 (as amended on December 6, 2023, February 6, 2024 and February 29, 2024, the "Business Combination Agreement"), by and among (i) BWAQ, (ii) TOYO Co., Ltd, a Cayman Islands exempted company ("TOYO" or "PubCo"), (iii) Vietnam Sunergy Cell Company Limited, a Vietnamese company and wholly-owned subsidiary of TOYO ("TOYO Solar"), (iv) TOYOone Limited, a Cayman Islands exempted company and wholly-owned subsidiary of TOYO ("Merger Sub"), (v) TOPTOYO INVESTMENT PTE." No deal value is set — an item-2.01 heading is not a figure. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists.

PROFILE-STUB2026-08-25

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

SEGMENT-FROM-FILING2024-03-28

OTHER -> ENERGY, on DEFM14A 0001213900-24-027217: "TOYO Solar is committed to becoming a reliable full service solar solutions provider in the United States and globally, integrating the upstream production of w"

Also listed inSPACs with warrants
Back to the screenerVault note