Go to content
${facet.Name} (${facet.TotalResults})
${item.Icon}
${ item.ShortDescription }
${ item.SearchLabel?.ViewModel?.Label }
See all results
${facet.Name} (${facet.TotalResults})
${item.Icon}
${ item.ShortDescription }
${ item.SearchLabel?.ViewModel?.Label }
See all results

Harneys advises TOYO on de-SPAC and NASDAQ listing

04 Jul 2024
|

Harneys acted as Cayman Islands legal counsel to TOYO Co., Ltd, a Cayman Islands exempted company, in its business combination with Blue World Acquisition Corporation, a NASDAQ listed special purpose acquisition company by way of merger under Cayman Islands laws. The merger took effect on 1 July 2024. Following the merger, shares of TOYO Co., Ltd have commenced trading on NASDAQ under the symbol "TOYO" since 2 July 2024. Its warrants also began trading on the OTC Market simultaneously.

Prior to the merger, TOYO Co., Ltd underwent a complex internal reorganisation involving multiple jurisdictions, including Singapore, Vietnam and the Cayman Islands. Vietnam Sunergy Cell Company Limited, a wholly owned subsidiary of TOYO Co., Ltd, was established in Phu Tho Province, Vietnam on 8 November 2022. It is a solar energy solutions company committed to becoming a reliable full service solar solutions provider in the United States and globally. TOYO Co., Ltd’s ultimate major shareholder is Abalance Corporation (3856: TYO), a multinational conglomerate headquartered in Tokyo and listed on the Tokyo Stock Exchange.

Harneys team was led by Calamus Huang and Jessie Xu, both Corporate partners based in the firm’s Shanghai office with assistance from Shanghai Associate Jessica Li.

Calamus commented: "We are pleased to play a pivotal role in TOYO Co., Ltd’s successful merger and listing. The transactions involved a series of complex restructurings and mergers, which is a testament to the leading expertise of our professional team. We wish TOYO the best of luck as it continues to excel and contribute significantly to the global renewable and clean energy sector.”

The Corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience in all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs, and business combinations, as well as private placements, take-privates, takeovers, and spin-offs. The firm’s ECM expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Luxembourg Stock Exchange.