M&A - TOYO Co., Ltd

Form Type: 20-F

Filing Date: 2025-05-12

Corporate Action: Merger

Type: New

Accession Number: 000121390025042062

Filing Summary: On July 1, 2024, TOYO Co., Ltd completed a business combination as announced in the Business Combination Agreement dated August 10, 2023, following amendments on December 6, 2023, February 6, 2024, and February 29, 2024. The agreement involved multiple company transactions including TOYO acquiring 100% of Vietnam Sunergy Cell Company Limited from Fuji Solar for SGD1.00 and the acquisition of 100% of TOYO Solar from Vietnam Sunergy Joint Stock Company for no less than $50 million. This series of transactions led to TOYO Solar becoming a wholly-owned subsidiary of TOYO. Subsequently, Blue World Acquisition Corporation (BWAQ) merged into TOYO's subsidiary, with the latter continuing as the surviving entity. BWAQ’s shareholders approved the merger on May 28, 2024, and immediately after, ordinary shares traded on the Nasdaq under the ticker TOYO, marking a significant step in the restructuring and growth strategy for TOYO.