BWAQ Blue World Acquisition Corporation

Item 8.01 Other Events.

Previously on June 14, 2023, Blue World Acquisition Corp. (the “Company”) filed a definitive proxy statement for the solicitation of proxies in connection with a special meeting of the Company’s shareholders to be held on June 30, 2023 (the “Shareholder Meeting”) to consider and vote on, among other proposals, a proposal to amend its 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 one-month extension (the “Monthly Extension”), for a total up to nine months to April 2, 2024 (such proposal, the “Charter Amendment Proposal”) and conditional on the approval of the Charter Amendment Proposal, a proposal to amend the Trust Agreement between the Company and Continental Stock Transfer & Trust Company, LLC (“Continental”) to provide that Continental must commence liquidation of the Company’s trust account containing the net proceeds of the Company’s initial public offering (the “Trust Account”) by July 2, 2023, or, if further extended, to effect each Monthly Extension, up to April 2, 2024 (the “Trust Amendment Proposal”).

In May, 2023, Blue World Holding Limited, the sponsor of the Company (the “Sponsor”) issued 2,500 of its preference shares (the “Sponsor Preference Shares”) to Fuji Solar Co., Ltd. (the “New Investor”) for an aggregate purchase price of $1,200,000. Each Sponsor Preference Share will entitle the New Investor to receive 160 Class B ordinary shares of the Company. Proceeds from the sale of the Sponsor Preference Shares have been and will continue to be used by the Sponsor to support the purpose and operations of the Company, including deposits to the Trust Account to effectuate extensions of the Company’s deadline to complete an initial business combination. The New Investor is the controlling shareholder of a private company that the Company has entered into a non-binding letter of intent with for a potential business combination.

Forward-Looking Statements

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the Charter Amendment Proposal, the Trust Amendment Proposal and the date of the Shareholder Meeting. These statements are based on current expectations on the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Additional Information and Where to Find It

On June 14, 2023, the Company filed the Definitive Proxy Statement with the Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for the Extraordinary General Meeting. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Definitive Proxy Statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or contact proxy solicitor

Advantage Proxy, Inc.
P.O. Box 13581
Des Moines, WA 98198
Attn: Karen Smith
Toll Free: (877) 870-8565
Collect: (206) 870-8565
Email: ksmith@advantageproxy.com

Participants in the Solicitation

The Company and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Shareholder Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the Definitive Proxy Statement. You may obtain free copies of these documents using the sources indicated above.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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