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SPAC Blue World Acquisition files for an $80 million IPO, targeting marine-related businesses

December 10, 2021

Blue World Acquisition, a blank check company targeting marine-related businesses, filed on Friday with the SEC to raise up to $80 million in an initial public offering.

The company plans to raise $80 million by offering 8 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Blue World Acquisition would command a market value of $104 million.

Blue World Acquisition is led by Chairman and CEO Liang Shi, a Partner at growth capital investment firm Zenin, and CFO and Director Tianyong Yan, a General Manager at Shanghai Green Storm Asset Management. The company plans to target opportunities in the marine leisure, cruise, marine infrastructure and engineering, general hospitality, and travel and tourism industry segments, among others, within the US and Asia Pacific markets (excluding China). 

The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq under the symbol BWAQU. Blue World Acquisition filed confidentially on September 14, 2021. Maxim Group LLC is the sole bookrunner on the deal.