Document:

Exhibit 10.7

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933. AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY
AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal Amount: Up to U.S. $500,000	Effective as of August 5, 2021

 

Blue World Acquisition Corporation, a Cayman Islands exempted company
and blank check company (the “Maker”), promises to pay to the order of Blue World Holdings Limited, a Hong Kong company,
or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to Five Hundred
Thousand Dollars (U.S. $500,000) in lawful money of the United States of America, on the terms and conditions described below. All payments
on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account
as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.
Principal. The principal balance of this Note shall be payable by the Maker on the earlier of: (i) March 31, 2022 or (ii) the
date on which Maker consummates an initial public offering of its securities (the “IPO”), unless accelerated upon
the occurrence of an Event of Default. The principal balance may be prepaid at any time. Under no circumstances shall any individual,
including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations
or liabilities of the Maker hereunder.

 

2.
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.
Drawdown Requests. Maker and Payee agree that Maker may request up to Five Hundred Thousand
Dollars $500,000 for costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may
be drawn down from time to time prior to the earlier of: (i) March 31, 2022 or (ii) the date on which Maker consummates an initial public
offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request
must state the amount to be drawn down. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a
Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Five Hundred Thousand Dollars
$500,000. Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees,
payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding
the foregoing, all payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this
Note.

 

4.
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any
sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it
of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking
of corporate action by Maker in furtherance of any of the foregoing.

 

(c)
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect
of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the
winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.

 

6.
Remedies.

 

(a)
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

7.
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice
of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale
under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon,
may be sold upon any such writ in whole or in part in any order desired by Payee.

 

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8.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or
enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any
other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee
with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and
delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

10.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF
LAW PROVISIONS THEREOF.

 

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1. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

12.
Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds
of the IPO to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale
of the warrants to be issued in a private placement to occur prior to the closing of the IPO are to be deposited, as described in greater
detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO,
and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason
whatsoever.

 

13.
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the
day and year first above written.

 

	 	Blue World Acquisition Corporation
	 	 	 
	 	By:	/s/ Liang Shi
	 	 	Name:  	Liang Shi
	 	 	Title: 	Director

 

 

4Exhibit 10.8

 

BLUE WORLD ACQUISITION CORPORATION

244 Fifth Avenue,
Suite B-88, New York, NY 10001

 

August 5, 2021

 

Blue World Holdings Limited

244 Fifth Avenue, Suite
B-88, New York, NY 10001

 

		RE:	Securities Purchase
                                            Agreement

 

Ladies and Gentlemen:

 

We are pleased to accept the
offer you (the “Subscriber”) have made to purchase 2,300,000 Class B ordinary shares (the “Shares”),
par value $0.0001 per share (the “Class B Ordinary Shares”) in ourselves, Blue World Acquisition Corporation, a Cayman
Islands exempted company (the “Company”), among which, up to 300,000 Class B Ordinary Shares are subject to forfeiture
by you if the underwriter of the initial public offering (the “IPO”) of the Company does not fully exercise their
over-allotment options (the “Over-allotment Option”). For the purposes of this agreement (this “Agreement”),
references to “Ordinary Shares” are to, collectively, the Class B Ordinary Shares and the Company’s Class A
Ordinary Shares, par value US$0.0001 per share (the “Class A Ordinary Shares”). Pursuant to the Company’s amended
and restated memorandum and articles of association to be adopted immediately prior to the IPO, the Class B Ordinary Shares will automatically
convert into Class A Ordinary Shares on a one-for-one basis, subject to adjustment, upon the closing of Company’s initial business
combination. Unless the context otherwise requires, as used herein “Shares” shall be deemed to include any Class A Ordinary
Shares issued upon conversion of the Class B Ordinary Shares comprising the Shares. The terms on which the Company is willing to sell
the Shares to the Subscriber pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”),
and the Company and the Subscriber’s agreement regarding such Shares, are as follows:

 

1. Purchase of Shares.
The Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company the Shares, for an aggregate
purchase price of $25,000, on the terms and subject to the conditions set forth in this agreement (this “Agreement”). Concurrently
with the Subscriber’s execution of this Agreement, the Company shall register the Shares in the name of the Subscriber on the register
of members of the Company.

 

2. Representations,Warranties
and Agreements.

 

2.1. Subscriber’s Representations,
Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby represents and warrants
to the Company and agrees with the Company as follows:

 

2.1.1. No Government Recommendation
or Approval. The Subscriber understands that no United States federal or state agency or similar agency of any other country has
passed upon or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2. No Conflicts. The
execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the provisions of the organizational documents of such Subscriber, if
any, (ii) any agreement, indenture or instrument to which such Subscriber is a party, or (iii) any law, statute, rule or regulation to
which the Subscriber is subject, or any agreement, order, judgment or decree to which such Subscriber is subject.

 

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2.1.3. Organization and Authority.
Upon execution and delivery by the Subscriber, this Agreement is a legal, valid and binding agreement of such Subscriber, enforceable
against such Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4. Experience, Financial
Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits
of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time
because the Shares have not been registered under the Securities Act of 1933 and therefore cannot be sold unless subsequently registered
under the Securities Act or an exemption from such registration is available. The Subscriber has substantial experience in evaluating
and investing in transactions of securities in companies similar to the Company so that he or she is capable of evaluating the merits
and risks of its investment in the Company and has the capacity to protect its own interests. The Subscriber must bear the economic risk
of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an
exemption from registration available with respect to such sale. The Subscriber is able to bear the economic risks of an investment in
the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5. Access to Information;
Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions of and
receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business
and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained.
In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and understanding of
the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished pursuant to
this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations which
were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making its
investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6. Private Offering.
The Subscriber acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption pursuant to Section
4(a)(2) of the Securities Act.

 

2.1.7. Investment Purposes.
The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the account
or benefit of any other person, and not with a view towards the distribution or dissemination thereof and the Subscriber has no present
arrangement to sell the interest in the Shares to or through any person or entity. The Subscriber did not decide to enter into this Agreement
as a result of any general solicitation or general advertising within the meaning of Rule 502 under the Securities Act.

 

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2.1.8. Restrictions on Transfer;
Shell Company; Affiliate Status. The Subscriber understands the Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates representing the Shares will
contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer
the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities
Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest therein is
proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of
counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. The Subscriber
further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the
Shares until one year following consummation of the initial business combination of the Company, despite technical compliance with the
requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. Such Subscriber (a) acknowledges that after
the issuance of the Shares, such Subscriber may be deemed an “affiliate” of the Company under the Securities Act, (b) acknowledges
understanding the additional restrictions under the Securities Act applicable to affiliate of the Company, and (c) acknowledges that
it had a full and fair opportunity and the means to obtain United States securities counsel and discuss such restrictions prior to entering
into this Agreement.

 

2.1.9. No Governmental Consents.
No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of Subscriber
in connection with the transactions contemplated by this Agreement.

 

2.1.10. Bad Actor. Such
Subscriber is not subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(l)(i) to (viii) under the
Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3)
under the Securities Act. The Subscriber has exercised reasonable care to determine whether he, she or it is subject to a Disqualification
Event. The purchase of the Shares will not subject the Company to any Disqualification Event. There are no matters that would have triggered
disqualification under Rule 506(d)(1) under the Securities Act but occurred before September 23, 2013.

 

2.1.11. No Legal Advice from
Company. The Subscriber acknowledges that it has had the opportunity to review this Agreement and the transactions contemplated by
this Agreement and the other agreements entered into between the parties hereto with its own legal counsel and investment and tax advisors.
Except for any statements or representations of the Company made in this Agreement and the other agreements entered into between the
parties hereto, the Subscriber is relying solely on such counsel and advisors and not on any statements or representations of the Company
or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated
by this Agreement or the securities laws of any jurisdiction.

 

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2.1.12. Reliance on Representations
and Warranties. The Subscriber understands the Shares are being offered and sold to it in reliance on exemptions from the  registration
requirements under the Securities Act. and analogous provisions in the laws and regulations of various states, and that the Company is
relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Subscriber
set forth in this Agreement in order to determine the applicability of such provisions.

 

2.1.13. No General Solicitation
or General Advertising; No Directed Selling Efforts. The Subscriber is not aware of any form of general solicitation or general advertising
(within the meaning of Regulation S) in respect of the Shares, including (I) any advertisement, article, notice or other communication
published in any newspaper, magazine, or similar media or broadcast over television, radio, or the internet; and (2) any seminar or meeting
whose attendees have been invited by any general solicitation or general advertising.

 

2.2. Company’s Representations,
Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents and warrants to the Subscriber
and agrees with the Subscriber as follows:

 

2.2.1. Organization and Corporate
Power. The Company is an exempted company duly incorporated, validly existing and in good standing under the laws of Cayman Islands
and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material
adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate
power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2. No Conflicts. The
execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do
not violate, conflict with or constitute a default under (1) the Company’s existing Memorandum and Articles of Association (the
“Memorandum and Articles”) (2) any agreement, indenture or instrument to which the Company is a party, or (3) any law, statute,
rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject. Other
than any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule
or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency
or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Shares in accordance with
the terms hereof.

 

2.2.3. Title to Securities.
Upon issuance in accordance with, and payment pursuant to. the terms hereof and the Memorandum and Articles, and registration in the
register of members of the Company, the Shares will be duly and validly issued as fully paid and nonassessable. Upon issuance in accordance
with, and payment pursuant to, the terms hereof and the Memorandum and Articles, the Subscriber will have or receive good title to the
Shares, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the
other agreements to which the Shares may be subject, (ii) transfer restrictions under federal and state securities laws, and (iii) liens,
claims or encumbrances imposed due to the action of the Subscriber.

 

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2.2.4. Enforcement. This
Agreement constitutes, and upon the execution and delivery thereof, valid and binding obligations of the Company enforceable against
the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights
and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may
be limited by federal and state securities laws or principles of public policy.

 

2.2.5. No Registration.
Assuming the accuracy of the representations and warranties of the Subscriber contained in this Agreement, the issuance and sale of the
Shares pursuant to this Agreement is exempt from registration requirements of the Securities Act, and neither the Company nor, to the
knowledge of the Company, any authorized representative acting on its behalf, has taken or will take any action hereafter that would
cause the loss of such exemption.

 

2.2.6. No Integration.
Neither the Company nor any of its affiliates have, directly or indirectly through any agent, sold, offered for sale, solicited offers
to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act) that is or will be integrated
with the sale of the Shares in a manner that would require registration under the Securities Act.

 

2.2.7. No General Solicitation
or General Advertising. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Shares
by any form of general solicitation or general advertising (within the meaning of Regulation S promulgated under the Securities Act)
including (1) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast
over television, radio, or the internet; and (2) any seminar or meeting whose attendees have been invited by any general solicitation
or general advertising; nor has it seen or been aware of any activity that, to its knowledge, constitutes general solicitation or general
advertising.

 

2.2.8 Authorization. The
Class A Ordinary Shares issuable upon conversion of the Class B Ordinary Shares have been duly authorized and reserved for issuance upon
such conversion.

 

3. Waiver of Liquidation Distributions;
Redemption Rights. In connection with the Shares purchased pursuant to this Agreement and, subject to the below, any other Company
securities purchased on a private placement basis, the Subscriber hereby waives any and all right, title, interest or claim of any kind
in or to any distributions by the Company from the Trust Account (as such term is defined in the Investment Management Trust Agreement
to be entered by and between the Company and the trustee thereunder), in the event of a liquidation of the Company upon the Company’s
failure to timely complete a business combination.

 

4. Forfeiture of Shares.

 

4.1. Partial or No Exercise
of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriter of the IPO is not exercised in full,
the Subscriber acknowledges and agrees that it (or. if applicable, it and any transferees of Shares) shall forfeit any and all rights
to such number of Shares (up to an aggregate of 300,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised)
such that immediately following such forfeiture, the Subscriber (and all other initial shareholders prior to the IPO, if any) will own
an aggregate number of Shares (not including any private placement units that are expected to be purchased prior to or at the closing
of the IPO, Shares issuable upon exercise of any warrants or any Ordinary Shares purchased by Subscriber (and all other initial shareholders
prior to the IPO, if any) in the IPO or in the aftermarket) equal to 20% of the issued and outstanding Ordinary Shares immediately following
the IPO (in each case, not including Class A ordinary shares issuable upon exercise of any warrants). Such forfeiture shall take effect
as a surrender and cancellation for no consideration as a matter of Cayman Islands law, and shall occur upon the expiration of the Over-allotment
Option.

 

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4.2. Termination of Rights as
Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor
in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate
to cancel such forfeited Shares.

 

5. Restrictions on Transfer.

 

5.1. Securities Law Restrictions.
The Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior
thereto (i) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect
to the Shares proposed to be transferred shall then be effective, or (ii) that an exemption from registration is available under the
Securities Act and the rules promulgated by the Commission thereunder and is in compliance with all applicable state securities laws.

 

5.2. Restrictive Legends.
Unless counsel otherwise advises, all certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’’), OR ANY STATE SECURITIES
LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD. TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. IN EACH CASE
IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OR OTHER JURISDICTIONS. AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION,
SUCH SECURITIES MAY ONLY BE TRANSFERRED IF THE COMPANY AND TRANSFER AGENT FOR SUCH SECURITIES HAS RECEIVED DOCUMENTATION SATISFACTORY
TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT.”

 

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5.3. Additional Shares or Substituted
Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a. form
other than Ordinary Shares, a spin-off, a share sub-division, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s issued and outstanding Ordinary Shares without receipt of consideration, any new, substituted or additional
securities or other property which are by reason of such transaction distributed with respect to any Shares subject to this Section 4
or into which such Shares thereby become convertible shall immediately be subject to this Section 4. Appropriate adjustments to reflect
the distribution of such securities or property shall be made to the number and/or class of Shares subject to this Section 4.

 

6. Other Agreements.

 

6.1. Further Assurances.
The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out
the intent of this Agreement.

 

6.2. No Obligation as to Employment.
The Company is not by reason of this Agreement obligated to employ, or continue to employ, the Subscriber in any capacity.

 

6.3. Notices. All notices,
requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s address
set forth on the first page of this Agreement or to such other address as a party may designate by notice hereunder, and shall be either
(1) delivered by hand, (2) sent by overnight courier, (3) sent via facsimile, or (4) sent by certified mail, return receipt requested,
postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if
by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight
courier, on the next business day following the day such notice is delivered to the courier service, (iii) if sent via facsimile, when
receipt is acknowledged, or (iv) if sent by certified mail, on the (5,h) business day following the day such mailing is made.

 

6.4. Entire Agreement. This
Agreement embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or
restrict, the express terms and provisions of this Agreement.

 

6.5. Modifications and Amendments.
The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

 

6.6. Waivers and Consents.
The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed
by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent.

 

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6.7. Assignment. The rights
and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other party.

  

6.8. Benefit. All statements,
representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the
benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create
any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of
this Agreement.

 

6.9. Governing Law. This
Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the
State of New York for agreements made and to be wholly performed within such country.

 

6.10. Severability. In the
event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems
it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such
provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

 

6.11. No Waiver of Rights, Powers
and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course
of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial
exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce
any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right,
power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue
other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving
such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights
of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

6.12. Survival of Representations
and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other agreement, certificate
or instrument provided for or contemplated hereby, shall survive the execution and deliver.’ hereof and any investigations made
by or on behalf of the parties.

 

    8

     

    

 

6.13. No Broker or Finder.
Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its
behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other.
Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission or other compensation
by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear
the cost of legal expenses incurred in defending against any such claim.

 

6.14. Headings and Captions.
The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify
or affect the meaning or construction of any of the terms or provisions hereof.

 

6.15. Counterparts. This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a ’’.pdf’ format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf’ signature page
were an original thereof.

 

7. Indemnification. Each
party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred
as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

8. Disclosure. The Subscriber
agrees not to disclose information about this Agreement and the transactions contemplated hereby until and to the extent the Company
publicly discloses such information.

 

9. Fees. Each party hereto
shall be responsible for its own internal costs and legal, accounting and other professional fees incurred in connection with the negotiation,
preparation and execution of this Agreement.

 

[Signature Page Follows]

 

    9

     

    

 

If the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this agreement and return it
to us.

 

Accepted and agreed this

 

August 5, 2021

 

	 	Very
    truly yours.
	 	 
	 	Blue
    World Acquisition Corporation
	 	 
	 	By:	/s/
    Liang
    Shi 
	 	Name: 	Liang
    Shi
	 	Title:
    	Director

 

[Signature Page to Securities
Purchase Agreement - the Company]

 

    10

     

    

 

Accepted and agreed to this

 

August 5, 2021

 

	Blue
    World Acquisition Corporation	 
	 	 
	By:	/s/
Liang Shi	 
	Name: 	Liang
    Shi	 
	Title:
    	Chief Executive Officer	 

 

[Signature Page to Securities
Purchase Agreement - Sponsor]

 

 

11

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