UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||
| to acquire one Class A Ordinary Share, and one Right to acquire one-tenth of one Class A Ordinary Share | The Stock Market LLC | |||
| The Stock Market LLC | ||||
| The Stock Market LLC | ||||
| The Stock Market LLC |
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Emerging growth company
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on December 5, 2023, Blue World Acquisition Corporation (the “Company”) received a letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the previous 30 consecutive business days, the Market Value of Listed Securities (“MVLS”) for the Company was below the $50 million minimum MVLS requirement for continued listing on the Nasdaq Global Market (the “Global Market”) under Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”). The Letter is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities.
On January 12, 2024, the Company’s sponsor, Blue World Holdings Limited (the “Sponsor”) and Fuji Solar Co., Ltd (“Fuji Solar,” together with the Sponsor, collectively, the “Converting Shareholders”) notified the Company that they elected to convert a total of 700,000 Class B ordinary shares held by them to the same number of Class A ordinary shares, among which 400,000 shares are held by the Sponsor and 300,000 shares are held by Fuji Solar, respectively. On January 17, 2024, 700,000 Class B ordinary Shares held by the Converting Shareholders were converted into the same number of Class A ordinary shares (the “Class B Conversion”). As a result of and following the Class B Conversion, the Company currently has 5,002,246 Class A ordinary shares and 1,600,000 Class B ordinary shares issued and outstanding, respectively. Class A ordinary shares are currently traded on the Global Market under the symbol “BWAQ” and deemed by Nasdaq to be the Company’s “Listed Securities” for purposes of Rule 5450(b)(2)(A)
Based on the closing trading price of Class A ordinary shares of $11.08 on January 17, 2024, the estimated Company’s total MVLS is approximately $55.42 million, giving effect to the Class B Conversion, which is in excess of the $50 million MVLS requirement for continued listing on the Global Market.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Blue World Acquisition Corporation | ||
| By: | /s/ Liang Shi | |
| Name: | Liang Shi | |
| Title: | Chief Executive Officer | |
| Date: January 18, 2024 | ||
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