SPAC Blue World Acquisition prices $80 million IPO, targeting marine-related businesses

Blue World Acquisition, a blank check company targeting marine-related businesses, raised $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 share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50.

The company 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). 

Blue World Acquisition plans to list on the Nasdaq under the symbol BWAQU. Maxim Group LLC acted as sole bookrunner on the deal.