BLUE WORLD ACQUISITION CORPORATION Blue World Acquisition Corporation announced a private placement of an unsecured convertible promissory note in the principal amount of up to $320,000 to returning investor Blue World Holdings Limited at an issue price of $320,000 for the gross proceeds of $320,000 on April 19, 2024. The Note bears no interest and is payable in full upon the consummation of BWAQ?s business combination. The payee of the Note has the right, but not the obligation, to convert the principal balance of the Note, in whole or in part, respectively, into private units of BWAQ, each consisting of one Class A ordinary share, one-half of one warrant, and one right to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of a business combination by providing BWAQ with written notice of the intention to convert at least two business days prior to the closing of the business combination.
The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
