Special purpose acquisition company Blue World Acquisition Corporation (Nasdaq: BWAQU) started trading publicly on the Nasdaq Global Market yesterday. The company is seeking to raise US$80 million in its initial public offering.
The offering consists of 8.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share, one-half purchase warrant, and one-tenth of a right. Each whole warrant is redeemable for one common share at US$11.50 per share while each right entitles the holder to receive one common share.
The company units trade on the Nasdaq big board under the symbol “BWAQU”. Once the securities separate, the company shares, warrants, and rights will trade under the ticker symbols “BWAQ”, “BWAQW”, and “BWAQR”, respectively.
The proposed offering is being managed by Maxim Group as the sole bookrunner. The company granted the underwriters a 45-day over-allotment option to purchase additional 1.2 million company units at the same IPO price.
The offering is expected to close on February 2, 2022, subject to customary closing conditions.
The newly-organized blank check company is being led by its chairman and CEO Liang Shi, a partner of Chinese investment fund Ningbo Zenin Investments Management Partners. On its target firms for businesses combination, the company is looking into areas that reflect the experience of its management, including marine leisure, marine engineering, travel and tourism, and marine services.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
