Blue World Acquisition Corporation (the "Blue World") (NASDAQ:BWAQ) today announced that, in order to extend the date by which Blue World must complete its initial business combination from February 2, 2024 to March 2, 2024, an aggregate of $60,000 (the "Extension Fee") has been deposited into Blue World's trust account (the "Trust Account").

The payment for the Extension Fee was made by Fuji Solar Co., Ltd ("Fuji Solar"), an indirect major shareholder of Vietnam Sunergy Cell Company Limited ("TOYO Solar"). On February 6, 2024, Blue World, TOYO Solar, Fuji Solar and other parties entered into Amendment No. 2 to Agreement and Plan of Merger in connection with the amendment of certain terms of a proposed business combination. Blue World issued an unsecured promissory note to Fuji Solar to evidence the deposit of the Extension Fee.