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Blue World Acquisition Corporation (BWAQ) Postpones Extension Vote

proxy vote

Blue World Acquisition Corporation (BWAQ) Postpones Extension Vote

Blue World Acquisition Corp. (NASDAQ:BWAQ) announced this morning that it has postponed its April 26 special meeting to 9 am ET May 2.

Shareholders will be voting on a proposal to allow Blue World to extend its transaction deadline up to nine times in one-month increments in exchange for contributions of $0.0295 per share to the trust each time.

This is a slight step down from $0.035 per share contribution Blue World envisioned in its initial proxy for the vote. Blue World shareholders will now have an extra three days to consider this alongside their redemption decisions as the previous deadline came and went yesterday but will now remain open until 5 pm ET, April 28.

The record date for the vote is to remain April 5.

Blue World raised a total of $92.9 million in in its January 2022 IPO, and originally had 12 months to complete a deal with the right to auto-extend up to three times for three months each for $0.10 per unit contributions each time.

It has not yet announced a combination agreement, but planned to initially seek a merger with a company in a sector like hospitality or logistics that had been disrupted by the COVID-19 pandemic.