<SEC-DOCUMENT>0001213900-24-024038.txt : 20240529
<SEC-HEADER>0001213900-24-024038.hdr.sgml : 20240529
<ACCEPTANCE-DATETIME>20240319161932
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-24-024038
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOYO Co., Ltd
		CENTRAL INDEX KEY:			0001985273
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, HARBOUR PLACE
		STREET 2:		103 SOUTH CHURCH ST, P.O. BOX 10240
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1002
		BUSINESS PHONE:		008109063486449

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, HARBOUR PLACE
		STREET 2:		103 SOUTH CHURCH ST, P.O. BOX 10240
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1002
</SEC-HEADER>
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<TYPE>CORRESP
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<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">Will H. Cai</P>

<P STYLE="margin: 0">+852 3758 1210</P>

<P STYLE="margin: 0">wcai@cooley.com</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0">March 19, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Manufacturing<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">Attn:</TD><TD>Ms. Heather Clark<BR>
Mr. Kevin Stertzel<BR>
Mr. Alex King<BR>
Ms. Erin Purnell</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><B>TOYO Co., Ltd<BR>
Registration Statement on Form F-4<BR>
Filed March 8, 2024<BR>
File No. 333-277779</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of our client, TOYO
Co., Ltd (the &ldquo;<B><I>Company</I></B>&rdquo;), we are responding to the comments of the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) contained in the letter dated March 14, 2024 (the
&ldquo;<B><I>Comment Letter</I></B>&rdquo;), relating to the Registration Statement on Form F-4 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;).
In response to the comments set forth in the Comment Letter, the Company is publicly filing its Amendment No. 1 to the Registration Statement
on Form F-4 (the <B><I>&ldquo;Amendment No. 1</I></B>&rdquo;) via EDGAR with this response letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Staff&rsquo;s comments
are repeated thereafter in bold and are followed by the Company&rsquo;s responses. Page references in the text of this response letter
correspond to the page numbers of the Amendment No. 1. Capitalized terms used but not defined herein are used herein as defined in the
Amendment No. 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Registration Statement on Form F-4 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Material Tax Considerations, page 139</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>We note that you have filed a short form tax opinion as Exhibit 8.1. Please revise to state clearly
that the disclosure in the tax consequences section of the prospectus is the opinion of the named counsel. For more information, please
refer to Section III.B.2. of Staff Legal Bulletin No. 19.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In response to the
Staff&rsquo;s comment, the Company has revised the disclosure on pages 139 and 140 of the Amendment No. 1. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cooley HK 35th Floor Two Exchange Square 8 Connaught
Place Central Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">T: +852 3758 1200 F:+852 3014 7818 cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">March 19, 2024</P>

<P STYLE="text-align: left; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Unaudited Pro Forma Combined Balance Sheet,
page 152</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Please ensure the adjustments on page 154 match the proper adjustment on the pro forma balance sheet.
In this regard, adjustment (e) on the pro forma balance sheet in scenario 2 appears to correspond to adjustment (f) on page 154 and the
5,999,940 adjustment in scenario 1 should correspond to adjustment (j) instead of (i).</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In response to the
Staff&rsquo;s comment, the Company has revised <I>adjustment (e)</I> on the pro forma balance sheet in scenario 2 to <I>adjustment (f)</I>
on pages 152 and 153 of the Amendment No. 1. The Company further revised the 5,999,940 adjustment in scenario 1 to <I>adjustment (j)</I>
on page 153 of the Amendment No. 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>We refer to prior comment 1 and reissue the comment in its entirety. In this regard, we note no adjustments
for working capital notes from December 2023 and extension notes issued subsequent to the balance sheet reflected in the pro forma balance
sheet on page 152. In addition, there appears to be additional Fuji expenses notes from December 2023 per page 184 and a conversion of
shares from Class B to Class A on page F-53. Please explain to us why no adjustments are necessary or otherwise revise your presentation
accordingly.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In response to
the Staff&rsquo;s comment, the Company respectfully clarifies that it has included the shares underlying the working capital notes
from December 2023 and extension notes issued subsequent to the balance sheet in the table of &ldquo;Potential sources of
dilution&rdquo;, as disclosed on page 16 of the Amendment No. 1. These working capital notes and extension notes included additional
Fuji Solar expenses from December 2023, as disclosed on page 184 of the Amendment No. 1. Pursuant to the arrangement between BWAQ
and holders of the working capital notes and extension notes, the holders have the rights, not obligations, to convert the notes
into BWAQ Units. The holders have the options to get repaid in either cash or ordinary shares. Therefore, the Company included these
shares as potential sources of dilution and did not make adjustments for these shares in pro forma financial statements. The Company
has revised footnotes (13) and (14) on page 17 of the Amendment No. 1 to clarify the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In response to
the Staff&rsquo;s comment regarding the conversion of shares from Class B to Class A on page F-53 of the Amendment No. 1, the
Company respectfully advises the Staff that it has made pro forma adjustments for conversion of Class B ordinary shares into Class A
ordinary shares. After the Company made all pro forma adjustments, the Class B ordinary shares was zero in the pro forma financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>In a related matter, please clarify the nature of the arrangement with Fuji Solar discussed in the
second bullet point on page F-39 and tell us whether the deposit, the repayment, or conversion requires adjustment in the pro forma balance
sheet.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company respectfully advises the
Staff that, pursuant to the arrangement between BWAQ and Fuji Solar, Fuji Solar has the rights, not obligations, to convert the
notes into BWAQ Units. Fuji Solar has the options to get repaid in either cash or ordinary shares. Therefore, the Company included these
shares as potential sources of dilution and did not make adjustments for these shares in pro forma financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cooley HK 35th Floor Two Exchange Square 8 Connaught
Place Central Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">T: +852 3758 1200 F:+852 3014 7818 cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">March 19, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Page 3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions regarding
the response letter, please contact the undersigned by phone at +852-3758-1210 or via e-mail at wcai@cooley.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Will H. Cai</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Will H. Cai</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">cc:</TD>
    <TD STYLE="font-size: 10pt">Junsei Ryu, Chief Executive Officer, Vietnam Sunergy Cell Company Limited<BR>
Liang Shi, Chief Executive Officer, Blue World Acquisition Corporation<BR>
Ruomu Li, Esq., Partner, Cooley LLP<BR>
Reid S. Hooper, Esq., Cooley LLP<BR>
Er (Arila) Zhou, Esq., Partner, Robinson &amp; Cole LLP<BR>
Ze&rsquo;-ev D. Eiger, Esq., Partner, Robinson &amp; Cole LLP</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cooley HK 35th Floor Two Exchange Square 8 Connaught
Place Central Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">T: +852 3758 1200 F:+852 3014 7818 cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
