Document:

Exhibit 4.5

 

WARRANT AGREEMENT

 

This WARRANT AGREEMENT (this
“Agreement”) is made as of [●], 2021 between Blue World Acquisition Corporation, a Cayman Islands exempted,
with offices at 244 Fifth Avenue, Suite B-88, New York, NY 10001 (“Company”), and Continental Stock Transfer &
Trust Company, a New York limited purpose trust company, with offices at 1 State Street, New York, New York 10004, as warrant agent (“Warrant
Agent”).

 

WHEREAS, the Company is engaged
in a public offering (the “Public Offering”) of up to 9,200,000 units (including 1,200,000 units which may be issued
pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (the “Public Units”)
comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Class A Ordinary Shares”), one-half
(1/2) of one redeemable warrant, where each whole warrant entitles the holder to purchase one Class A Ordinary Share at a price of $11.50
per share, subject to adjustment as described herein, and one right to receive one-tenth (1/10) of one Class A Ordinary Share upon the
consummation of an initial business combination, and, in connection therewith, will issue and deliver up to 4,600,000 warrants (the “Public
Warrants”) to the public investors in connection with the Public Offering; and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-[●]
 (“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the
Securities Act of 1933, as amended (“Act”) of, among other securities, the Public Warrants; and

 

WHEREAS, the Company has
received binding commitments (“Subscription Agreements”) from the Company’s sponsor, Blue World Holdings Limited
(the “Sponsor”), simultaneously with the closing of the Public Offering, up to an aggregate of 378,480 units (including
up to 30,000 units if the over-allotment option is exercised in full) (the “Private Units”), each containing one Class
A Ordinary Share, one-half of one warrant (the “Private Warrants”) and one right to receive one-tenth (1/10) of one
Class A Ordinary Share upon the consummation of an initial business combination (the “Private Rights”). Each whole
Private Warrant exercisable to purchase one Class A Ordinary Share at a price of $11.50 per share, bearing the legend set forth in Exhibit
B hereto; and

 

WHEREAS, the Company may
issue 20,000 warrants (or 23,000 warrants if the over-allotment option is exercised in full) underlying a unit purchase option to Maxim
Group LLC (the “Representative’) or its designees, which warrants will be identical to the Public Warrants, subject
to compliance with FINRA Rule 5110 (“Representative Warrants”); and

 

WHEREAS,
the Company may issue up to an additional 160,000 units (the “Working Capital Units”) at a price of $10.00 per Working
Capital Unit, with each Working Capital Unit consisting of one Class A Ordinary Share, one-half (1/2) of one warrant (a whole warrant
of each such warrant, a “Working Capital Warrant”) and one right to receive one-tenth (1/10) of one Class A Ordinary
Share upon the consummation of an initial business combination (the “Working Capital Rights”), in satisfaction of
certain working capital loans made by the Company’s officers, directors, initial shareholders and their affiliates; and

 

     

     

    

 

WHEREAS, the Company may
issue 40,000 units (or up to 46,000 if the Over-Allotment Option is exercised in full) (the “Extension Loan Units”
and together with the Public Units, the Private Units, and the Working Capital Units, the “Units”) at a price of $10.00
per Extension Loan Unit, with each Extension Loan Unit consisting of one Class A Ordinary Share, one-half (1/2) of one warrant (a whole
warrant of each such warrant, an “Extension Loan Warrant”) and one right to receive one-tenth (1/10) of one Class
A Ordinary Share upon the consummation of an initial business combination (the “Extension Loan Rights”), for each
loan made by the Sponsor, its affiliates or designees in connection with the 3-month period extension for the Company’s initial
business combination, up to three times; and

 

WHEREAS, following consummation
of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public
Warrants, Private Warrants, Working Capital Warrants, and the Extension Loan Warrants, the “Warrants”) in connection
with, or following the consummation by the Company of, a Business Combination (defined below); and

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

  

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of
Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent
hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1. Form of Warrant.
Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which
are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or Chief Executive
Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the
event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

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2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented
by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The
Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the Board
of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect as
a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3. Effect of Countersignature.
Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant to this
Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company.

 

2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”) as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant
certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability
of Warrants. The securities comprising the Public Units will not be separately transferable until the 52nd day following the date
of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City
are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following
such date, or earlier with the consent of the Representatives, but in no event will the Representatives allow separate trading of the
securities comprising the Units until (i) the Company has filed a Current Report on Form 8-K which includes an audited
balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the
Company from the exercise of the underwriters’ over-allotment option in the Public Offering (the “Over-allotment Option”),
if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press
release announcing when such separate trading shall begin (the “Detachment Date”); provided that no fractional Warrants
will be issued upon separation of the Units and only whole Warrants will trade.

 

2.6. Private Warrant,
Working Capital Warrant, and Extension Loan Warrant Attributes. The Private Warrants, Working Capital Warrants, and Extension Loan
Warrants will be issued in the same form as the Public Warrants. 

 

2.7.  Post IPO Warrants. The
Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except as may be agreed
upon by the Company.

 

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3. Terms and Exercise
of Warrants

 

3.1. Warrant Price.
Each whole Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered
holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Class A Ordinary
Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at which
the Class A Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant
Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days; provided,
that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered holders of the
Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.

 

3.2. Duration of Warrants.
A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation by the Company of a merger,
share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement) or 12
months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five
years from the consummation of a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as provided in
Section 6.2 of this Agreement and (iii) the liquidation of the Company (“Expiration Date”). The period of
time from the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to as the
“Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder),
as applicable, each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and
all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the Expiration Date. The Company in
its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will
provide at least twenty (20) days’ prior written notice of any such extension to registered holders and, provided further that
any such extension shall be applied consistently to all of the Warrants.

 

3.3. Exercise of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent,
in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by
paying in full the Warrant Price for each Class A Ordinary Share as to which the Warrant is exercised and any and all applicable taxes
due in connection with the exercise of the Warrant, the exchange of the Warrant for the Class A Ordinary Shares and the issuance of such
Class A Ordinary Shares, as follows:

 

(a) in lawful money
of the United States, by good certified check or wire payable to the Warrant Agent; or (b) in the event of redemption pursuant to
Section 6 hereof in which the Company’s management has elected to force all holders of Warrants to exercise such Warrants
on a “cashless basis,” by surrendering the Warrants for that number of Class A Ordinary Shares equal to the quotient obtained
by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied by the difference between
the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this
Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of Class A Ordinary Shares
or the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to holders
of the Warrants pursuant to Section 6 hereof; or

 

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(c) in the event
the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the closing
of a Business Combination, by surrendering such Warrants for that number of Class A Ordinary Shares equal to the quotient obtained by
dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied by the difference between the
exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless
exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c),
the “Fair Market Value” shall mean the average reported last sale price of Class A Ordinary Shares for the ten (10) trading
days prior to the date of exercise.

 

3.3.2. Issuance
of Class A Ordinary Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of
the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry
position, for the number of Class A Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed
by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book entry position, for
the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company
be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated to
issue shares of Class A Ordinary Shares upon exercise of a Warrant unless the Class A Ordinary Shares issuable upon such Warrant exercise
has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of
the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder
of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have no value and expire worthless, in which
case the purchaser of a Unit containing such Warrants shall have paid the full purchase price for the Unit solely for the Class A Ordinary
Shares underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such
exercise would be unlawful.

 

3.3.3. Valid
Issuance. All shares of Class A Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and nonassessable.

 

3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for Class A Ordinary Shares is issued shall for all
purposes be deemed to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing
such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except
that, if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Warrant
Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding
date on which the share transfer books or book entry system are open.

 

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3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the Class A Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the
foregoing sentence, the aggregate number of Class A Ordinary Shares beneficially owned by such person and its affiliates shall include
the number of Class A Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is
being made, but shall exclude Class A Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any
convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For
purposes of the Warrant, in determining the number of outstanding Class A Ordinary Shares, the holder may rely on the number of outstanding
shares of Class A Ordinary Shares as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly
report on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case may be, (2) a
more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number
of Class A Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company
shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Class A Ordinary Shares then outstanding.
In any case, the number of outstanding Class A Ordinary Shares shall be determined after giving effect to the conversion or exercise of
equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding Class A Ordinary
Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum
Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall
not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1. Share Dividends;
Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding Class A Ordinary
Shares is increased by a share dividend payable in Class A Ordinary Shares, or by a split up of Class A Ordinary Shares, or other similar
event, then, on the effective date of such share dividend, split up or similar event, the number of Class A Ordinary Shares issuable on
exercise of each Warrant shall be increased in proportion to such increase in outstanding Class A Ordinary Shares.

 

4.2. Aggregation of
Shares. If after the date hereof, the number of outstanding Class A Ordinary Shares is decreased by a consolidation, combination,
reverse share split or reclassification of Class A Ordinary Shares or other similar event, then, on the effective date of such consolidation,
combination, reverse share split, reclassification or similar event, the number of Class A Ordinary Shares issuable on exercise of each
Warrant shall be decreased in proportion to such decrease in outstanding Class A Ordinary Shares.

 

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4.3. Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Class A Ordinary Shares or other shares of the Company’s capital share
into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective
immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by
the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend
divided by all outstanding shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend);
provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment
described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all
other cash dividends and cash distributions paid on the Class A Ordinary Shares during the 365-day period ending on the date
of declaration of such dividend or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares of
the Company at such time (whether or not any shareholders waived their right to receive such dividend) and as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that
resulted in an adjustment to the Warrant Price or to the number of Class A Ordinary Shares issuable on exercise of each Warrant) but only
with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy
the conversion rights of the holders of the Class A Ordinary Shares in connection with a proposed initial Business Combination or certain
amendments to the Company’s Amended and Restated Memorandum and Articles of Association (as described in the Registration Statement) or (d) any
payment in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business
Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash
dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Class A Ordinary Shares during
the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively
immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate
amount of all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and
$0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period
prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s
initial Business Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000 of
such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant Price
would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than $0.50 per share.

 

4.4. Adjustments in
Exercise Price. Whenever the number of Class A Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided
in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of Class A Ordinary Shares purchasable upon
the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Class
A Ordinary Shares so purchasable immediately thereafter.

 

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4.5. Replacement of
Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Class A Ordinary Shares
(other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of Class A Ordinary Shares),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in
which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Class A Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu
of the Class A Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such
Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification also results in a change
in the Class A Ordinary Shares covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2,
4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share
issuable upon exercise of the Warrant. Notwithstanding anything to the contrary herein, in the event of any tender offer for Class A Ordinary
Shares, the offeror shall not make any tender offer for Warrants if the effect of such offer would be to require the Warrants to be accounted
for as liabilities under applicable accounting principles.

 

4.6. Issuance in connection
with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional Class A Ordinary Shares
or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial shareholders, or their affiliates, without taking into account any shares of the Company’s Class B ordinary shares, par
value $0.0001 per share (the “Class B Ordinary Share”), issued prior to the Public Offering and held by the initial
shareholders or their affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (b) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding
of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c) the Market Value
(as defined below) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal
to 115% of the greater of (i) the Market Value or (ii) Newly Issued Price, and the Redemption Trigger Price (as defined below) will be
adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price. Solely for purposes
of this Section 4.6, the “Market Value” for this purpose shall mean the volume weighted average reported trading price
of Class A Ordinary Shares for the twenty (20) trading days starting on the trading day prior to the date of the consummation of the Business
Combination.

 

4.7. Notices of Changes
in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall
give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase
or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail
the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1,
4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address
set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event.

 

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4.8. No Fractional
Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round
down to the nearest whole number of Class A Ordinary Shares to be issued to the Warrant holder.

 

4.9. Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate
and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution
for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.10. Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint
a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

4.11. No Adjustment.
For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion
ratio of the Class B Ordinary Shares into Class A Ordinary Shares or the conversion of Class B Ordinary Shares into Class A Ordinary Shares,
in each case, pursuant to the Company’s Amended and Restated Articles and Memorandum of Association, as further amended from time
to time.

 

5. Transfer and Exchange
of Warrants.

 

5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants, properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

    9

     

    

 

5.2. Procedure for
Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position, together
with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants,
or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number
of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent
shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3. Fractional Warrants.
The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant
certificate or book-entry position for a fraction of a Warrant, except as part of the Units.

 

5.4. Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5. Warrant Execution
and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private Warrants,
Working Capital Warrants, and Extension Loan Warrants. The Warrant Agent shall not register any transfer of Private Warrants, Working
Capital Warrants, or Extension Loan Warrants until after the consummation by the Company of an initial Business Combination, except for
transfers (i) among the initial shareholders or to the Company’s initial shareholders’ members, officers, directors, consultants
or their affiliates, (ii) to a holder’s shareholders or members upon the holder’s liquidation, in each case if the holder
is an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the
holder or a member of the holder’s immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent
and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in
connection with the consummation of a Business Combination, (vii) in connection with the consummation of a Business Combination at prices
no greater than the price at which the Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior
to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business
Combination, the Company completes a liquidation, merger, capital stock exchange or other similar transaction which results in all of
the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property, in each case
(except for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration
for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted
Transferee”) or the trustee or legal guardian for such Permitted Transferee agrees to be bound by the transfer restrictions
contained in this Agreement and any other applicable agreement the transferor is bound by.

 

5.7. Transfers prior
to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which
such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore,
each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding
the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after the Detachment Date.

 

    10

     

    

 

6. Redemption.

 

6.1. Redemption.
Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at
the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the closing price of the Class A Ordinary Shares equals or exceeds $16.50 per share (subject to adjustment
in accordance with Section 4 hereof) (the “Redemption Trigger Price”), on each of twenty (20) trading days
within any thirty (30) trading day period commencing after the Warrants become exercisable and ending on the third trading day prior
to the date on which notice of redemption is given and provided that there is an effective registration statement covering the Class A
Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day redemption
or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b);
provided, however, that if and when the Public Warrants become redeemable by the Company, the Company may not exercise such redemption
right if the issuance of Class A Ordinary Shares upon exercise of the Public Warrants is not exempt from registration or qualification
under applicable state blue sky laws or the Company is unable to effect such registration or qualification.

 

6.2. Date Fixed for,
and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption, the
Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders
of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3. Exercise After
Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and
prior to the Redemption Date. In the event the Company determines to require all holders of Public Warrants to exercise their Warrants
on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to
calculate the number of Class A Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value”
in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon
surrender of the Warrants, the Redemption Price.

 

7. Other Provisions
Relating to Rights of Holders of Warrants.

 

7.1. No Rights as
Shareholder. A Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

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7.2. Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.
Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3. Reservation of
Class A Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Class A
Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration
of Class A Ordinary Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
it shall use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration, under
the Act, of the Class A Ordinary Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action
as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those
states where holders of Warrants then reside, the Class A Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption
is not available. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions
of this Agreement. If any such registration statement has not been declared effective by the 90th day following the closing of the Business
Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after the closing of the Business
Combination and ending upon such registration statement being declared effective by the Securities and Exchange Commission, and during
any other period when the Company shall fail to have maintained an effective registration statement covering the Class A Ordinary Shares
issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(c).
The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities
law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not
required to be registered under the Act and (ii) the Class A Ordinary Shares issued upon such exercise will be freely tradable under
U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Act) of the Company and,
accordingly, will not be required to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have
been exercised on a cashless basis, the Company shall continue to be obligated to comply with its registration obligations under the first
three sentences of this Section 7.4. The provisions of this Section 7.4 may not be modified, amended, or deleted without the prior written
consent of the Representatives.

 

8. Concerning the
Warrant Agent and Other Matters.

 

8.1. Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Class A Ordinary Shares upon the exercise of Warrants, but the Company shall not be obligated to pay any
transfer taxes in respect of the Warrants or such Class A Ordinary Shares.

 

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8.2. Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of
the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Class A Ordinary Shares not later than the effective date of any such appointment.

 

8.2.3. Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant
Agent under this Agreement without any further act.

 

8.3. Fees and Expenses
of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2. Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

8.4. Liability of
Warrant Agent.

 

8.4.1. Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

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8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s
fraud, gross negligence, willful misconduct, or bad faith.

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Class A Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Class A Ordinary
Shares will, when issued, be valid and fully paid and nonassessable.

 

8.5. Acceptance of
Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and
conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Class A Ordinary Shares through the
exercise of Warrants.

 

9. Miscellaneous Provisions.

 

9.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given (i) if by email when the email is sent, (ii) if by hand or overnight delivery, when so
delivered, or (iii) if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage
prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Blue World Acquisition Corporation

244 Fifth Avenue, Suite B-88

New York, NY 10001

 

Attn: Liang Shi

 

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with a copy (which shall not constitute notice) to:

 

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800

New York, NY 10022

Attn: Arila E. Zhou, Esq.

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given
(i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Compliance Department

 

Any notice, sent pursuant to this Warrant Agreement
shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on
the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration
or certification thereof.

 

9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York , and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive forum for any such action, proceeding or claim.. The Company hereby waives any objection that such
exclusive jurisdiction and such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph
will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal
district courts of the United States of America are the sole and exclusive forum.

 

Any person or entity purchasing
or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in
this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other
than a court located within the State of New York or the United States District Court for the Southern District of New York (a “foreign
action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction
of the state and federal courts located within the State of New York or the United States District Court for the Southern District of
New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”),
and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s
counsel in the foreign action as agent for such warrant holder.

 

Any such process or summons
to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim.

 

    15

     

    

 

9.4. Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representatives, any right, remedy, or claim under
or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives shall
be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representatives with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered
holders of the Warrants.

 

9.5. Examination of
the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the
Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require
any such holder to submit his Warrant for inspection by it.

 

9.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

  

9.7. Effect of Headings.
The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8. Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of (i) curing any
ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this
Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein, or (ii) adding
or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or
desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments,
including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the
registered holders of at least 50% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant
Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered
holders. The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representatives.

 

9.9. Trust Account
Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event
that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the
Company and not against the property held in the Trust Account.

 

9.10. Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[signature page follows]

 

    16

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly
executed by the parties hereto as of the day and year first above written.

 

	 	Blue World Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:  	Shi Liang
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	Continental Stock Transfer & Trust Company
	 	 
	 	By:	 
	 	 	Name: 	[     ]
	 	 	Title: 	[       ]

 

[signature page to the Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

WARRANT CERTIFICATE

 

 EXHIBIT B

 

LEGEND FOR PRIVATE PLACEMENT WARRANTS

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY
APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS
ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG BLUE WORLD ACQUISITION CORPORATION (THE “COMPANY”), BLUE
WORLD HOLDINGS LIMITED AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED
PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS
DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE
WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS
A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION
RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.Exhibit
4.6

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of [●], 2021 between Blue World Acquisition Corporation,
a Cayman Islands company, with offices at 244 Fifth Avenue, Suite B-88, New York, NY 10001 (the “Company”),
and Continental Stock Transfer & Trust Company, a New York limited liability trust company, with offices at 1 State Street, 30th
Floor, New York, NY 10004 (the “Right Agent”).

 

WHEREAS,
the Company has received a firm commitment from Maxim Group LLC (“Maxim”), as sole underwriter, to purchase
up to an aggregate of 9,200,000 units (including up to 1,200,000 units if the over-allotment option is exercised in full or in part),
each unit (“Unit”) comprised of one Class A ordinary share of the Company, par value $0.0001 per share (the
“Class A Ordinary Shares”), one-half of one redeemable warrant to acquire one Class A Ordinary Share (the “Public
Warrants”), and one right to receive one-tenth of one Class A Ordinary Share (the “Public Rights”)
upon the happening of the triggering event described herein, and in connection therewith, will issue and deliver up to an aggregate of
9,200,000 Public Rights upon consummation of such public offering, 1,200,000 of which are attributable to the over-allotment option (“Public
Offering”);

 

WHEREAS,
simultaneously with the consummation of the Public Offering, the Company will issue and deliver up to an aggregate of 378,480 rights
underlying private units, 30,000 of which are attributable to the over-allotment option (the “Private Rights”);

 

WHEREAS,
the Company may issue up to an additional 4,000,000 Rights (or 4,360,000 Rights if the over-allotment option is exercised in full), which
will be identical to the Private Rights, in consideration of certain working capital loans that may be made by Blue World Holdings Limited
(the “Sponsor”), or the Company’s officers, directors or affiliates;

 

WHEREAS,
the Company may issue 40,000 units (or up to 46,000 if the over-allotment option is exercised in full) (the “Extension Loan
Units”) at a price of $10.00 per Extension Loan Unit, with each Extension Loan Unit consisting of one Class A Ordinary
Share, one-half (1/2) of one warrant (a whole warrant of each such warrant, a “Extension Loan Warrant”) and
one right to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of an initial business combination (the “Extension
Loan Rights”, together with the Public Rights, the Private Rights, and along with such other rights as the Company issues
from time to time hereunder, the “Rights”), for each loans made by the Sponsor, its affiliates or designees
in connection with the 3-month period extension for the Company’s initial business combination, up to three times; 

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form
S-1, File No. 333-[●] (“Registration Statement”), for the registration, under the Securities Act of 1933,
as amended (“Act”) of, among other securities, the Public Rights and the Class A Ordinary Shares issuable to
the holders of the Public Rights;

 

WHEREAS,
the Company desires the Right Agent to act on behalf of the Company, and the Right Agent is willing to so act, in connection with the
issuance, registration, transfer and exchange of the Rights;

 

WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Right Agent, and the holders of the Rights; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Right Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

    1

     

    

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

	1.	Appointment
    of Right Agent. The Company hereby appoints the Right Agent to act as agent for the Company for the Rights, and the Right Agent hereby
    accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

	2.	Rights.

 

	 	2.1.	Form
    of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions
    of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive
    Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In
    the event the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which
    such person signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to
    be such at the date of issuance.

 

	 	2.2.	Effect
    of Countersignature. Unless and until countersigned by the Right Agent pursuant to this Agreement, a Right shall be invalid and of
    no effect and may not be exchanged for Class A Ordinary Shares. 

 

	 	2.3.	Registration.

 

	 	2.3.1.	Right
    Register. The Right Agent shall maintain books (“Right Register”) for the registration of original issuance
    and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Right Agent shall issue and register
    the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
    to the Right Agent by the Company.

 

	 	2.3.2.	Registered
    Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Right Agent may deem and treat the
    person in whose name such Right shall be registered upon the Right Register (“registered holder”) as the
    absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on
    the Right Certificate made by anyone other than the Company or the Right Agent), for the purpose of the exchange thereof, and for
    all other purposes, and neither the Company nor the Right Agent shall be affected by any notice to the contrary.

 

	 	2.4.	Detachability
    of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the fifty-second
    (52nd) day after the date hereof unless Maxim informs the Company of its decision to allow earlier separate trading, but in no event
    will separate trading of the securities comprising the Units begin until (i) the Company files a Current Report on Form 8-K which
    includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the
    proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised on the
    date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when such separate trading
    shall begin.

 

	3.	Terms
    and Exchange of Rights.

 

	 	3.1.	Rights.
    Each Right shall entitle the holder thereof to receive one-tenth of one Class A Ordinary Share upon the happening of the Exchange
    Event (described below). Subject to Section 3.3.1 below with respect to the registered holders of Rights, in the event that the Company
    is not the surviving entity immediately following the Exchange Event, holders of Rights shall be entitled to automatically receive
    the kind and amount of securities or properties of the surviving entity as the holders of each one-tenth of one Class A Ordinary
    Share is entitled to receive in the Exchange Event. No additional consideration shall be paid by a holder of Rights in order
    to receive his, her or its Class A Ordinary Shares upon the Exchange Event as the purchase price for such Class A Ordinary Shares
    has been included in the purchase price for the Units. In no event will the Company be required to net cash settle the Rights or
    issue fractional  Class A Ordinary Share.

 

	 	3.2.	Exchange
    Event. The Exchange Event shall be the Company’s consummation of an initial Business Combination (as defined in the Company’s
    Amended and Restated Memorandum and Articles of Association).

 

	 	3.3.	Exchange
    of Rights.

 

    2

     

    

 

	 	3.3.1.	Issuance
    of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the Company shall direct registered holders of
    the Rights to return their Rights Certificates to the Right Agent subject to dissenter rights as provided in the applicable law if
    any in the event that the Company is not the surviving entity in a Business Combination. Upon receipt of a valid Rights Certificate,
    the Company shall issue to the registered holder of such Right(s) a certificate or certificates for the number of full Class A Ordinary
    Share to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it. Notwithstanding
    the foregoing, or any provision contained in this Agreement to the contrary, in no event will the Company be required to net cash
    settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. At the time of the Exchange Event, the
    Company will instruct the Right Agent to round down to the nearest whole Class A Ordinary Share or otherwise inform it how fractional
    shares will be addressed in accordance with Companies Act (As Revised) of the Cayman Islands as the same may be amended from time
    to time. 

 

	 	3.3.2.	Valid
    Issuance. All Class A Ordinary Shares issued upon an Exchange Event in conformity with this Agreement shall be validly issued, fully
    paid and nonassessable.

 

	 	3.3.3.	Date
    of Issuance. Each person in whose name any such certificate for Class A Ordinary Shares is issued shall for all purposes be deemed
    to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such
    certificate.

 

	 	3.3.4.	Company
    Not Surviving Following Exchange Event. If the Exchange Event results in the Company not continuing as a publicly held reporting
    entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration as the holders
    of the Class A Ordinary Shares will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant
    to Section 3.3.1 above.

 

	 	3.4.	Duration
    of Rights. If the Exchange Event does not occur within 12 months from the closing of the Public Offering (or up to 21 months from
    the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination, as described in
    the Registration Statement), and such Business Combination has not yet been consummated within the applicable time period, the Rights
    shall expire and shall be worthless; provided that, for as long as any of the Maxim Right are held by Maxim, or its designees or
    affiliates, such Rights may not be converted after five years, from the effective date of the Registration Statement.

  

    3

     

    

 	4.	Transfer
    and Exchange of Rights.

 

	 	4.1.	Registration
    of Transfer. The Right Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon
    surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
    for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right
    shall be cancelled by the Right Agent. The Rights so cancelled shall be delivered by the Right Agent to the Company from time to
    time upon request.

 

	 	4.2.	Procedure
    for Surrender of Rights. Rights may be surrendered to the Right Agent, together with a written request for exchange or transfer,
    and thereupon the Right Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the
    Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered
    for transfer bears a restrictive legend, the Right Agent shall not cancel such Right and issue new Rights in exchange therefor until
    the Right Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
    the new Rights must also bear a restrictive legend.

 

	 	4.3.	Fractional
    Rights. The Right Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
    of a Right Certificate for a fraction of a Right.

 

	 	4.4.	Service
    Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

 

	 	4.5.	Adjustments
    to Conversion Ratios. The number of Class A Ordinary Shares that the holders of Rights are entitled to receive as a result of the
    occurrence of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, share dividend,
    reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to Class A
    Ordinary Shares occurring on or after the date hereof and prior to the Exchange Event.

 

	 	4.6.	Right
    Execution and Countersignature. The Right Agent is hereby authorized to countersign and to deliver, in accordance with the terms
    of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required
    by the Right Agent, will supply the Right Agent with Rights duly executed on behalf of the Company for such purpose.

 

	5.	Other
    Provisions Relating to Rights of Holders of Rights.

 

	 	5.1.	No
    Rights as Shareholder. Until exchange of a Right for Class A Ordinary Shares as provided for herein, a Right does not entitle the
    registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive
    dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect
    of the meetings of shareholders or the election of directors of the Company or any other matter.

 

    4

     

    

 

	 	5.2.	Lost,
    Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Right Agent may
    on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right,
    include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated,
    or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
    lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

	 	5.3.	Reservation
    of  Class A Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
     Class A Ordinary Shares that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

	6.	Concerning
    the Right Agent and Other Matters.

 

	 	6.1.	Payment
    of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Right
    Agent in respect of the issuance or delivery of  Class A Ordinary Shares upon the exchange of Rights, but the Company shall
    not be obligated to pay any transfer taxes in respect of the Rights or such shares.

 

	 	6.2.	Resignation,
    Consolidation, or Merger of Right Agent.

 

    5

     

    

 

	 	6.2.1.	Appointment
    of Successor Right Agent. The Right Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from
    all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
    of the Right Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
    Right Agent in place of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days after it has
    been notified in writing of such resignation or incapacity by the Right Agent or by the holder of the Right (who shall, with such
    notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court
    of the State of New York for the County of New York for the appointment of a successor Right Agent at the Company’s cost. Any
    successor Right Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the
    laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New
    York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
    authority. After appointment, any successor Right Agent shall be vested with all the authority, powers, rights, immunities, duties,
    and obligations of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder, without any further
    act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute and deliver, at
    the expense of the Company, an instrument transferring to such successor Right Agent all the authority, powers, and rights of such
    predecessor Right Agent hereunder; and upon request of any successor Right Agent the Company shall make, execute, acknowledge, and
    deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Right Agent
    all such authority, powers, rights, immunities, duties, and obligations.

 

	 	6.2.2.	Notice
    of Successor Right Agent. In the event a successor Right Agent shall be appointed, the Company shall give notice thereof to the predecessor
    Right Agent and the transfer agent for the Class A Ordinary Shares not later than the effective date of any such appointment.

 

	 	6.2.3.	Merger
    or Consolidation of Right Agent. Any corporation into which the Right Agent may be merged or with which it may be consolidated or
    any corporation resulting from any merger or consolidation to which the Right Agent shall be a party shall be the successor Right
    Agent under this Agreement without any further act.

 

	 	6.3.	Fees
    and Expenses of Right Agent.

 

	 	6.3.1.	Remuneration.
    The Company agrees to pay the Right Agent reasonable remuneration for its services as such Right Agent hereunder and will reimburse
    the Right Agent upon demand for all expenditures that the Right Agent may reasonably incur in the execution of its duties hereunder.

 

    6

     

    

 

	 	6.3.2.	Further
    Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
    delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Right Agent for the carrying
    out or performing of the provisions of this Agreement.

 

	 	6.4.	Liability
    of Right Agent.

 

	 	6.4.1.	Reliance
    on Company Statement. Whenever in the performance of its duties under this Agreement, the Right Agent shall deem it necessary or
    desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such
    fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
    and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Right Agent.
    The Right Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this
    Agreement.

 

	 	6.4.2.	Indemnity.
    The Right Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section
    6.6, the Company agrees to indemnify the Right Agent and save it harmless against any and all liabilities, including judgments, costs
    and reasonable counsel fees, for anything done or omitted by the Right Agent in the execution of this Agreement except as a result
    of the Right Agent’s gross negligence, willful misconduct, or bad faith.

 

	 	6.4.3.	Exclusions.
    The Right Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
    of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
    condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or
    warranty as to the authorization or reservation of any  Class A Ordinary Shares to be issued pursuant to this Agreement or any
    Right or as to whether any Class A Ordinary Shares will, when issued, be valid and fully paid and nonassessable.

 

	 	6.5.	Acceptance
    of Agency. The Right Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
    and conditions herein set forth.

 

	 	6.6.	Waiver.
    The Right Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
    in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the
    date hereof, by and between the Company and the Right Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,
    payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

    7

     

    

 

	7.	Miscellaneous
    Provisions.

 

	 	7.1.	Successors.
    All the covenants and provisions of this Agreement by or for the benefit of the Company or the Right Agent shall bind and inure to
    the benefit of their respective successors and assigns.

 

	 	7.2.	Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Right Agent or by the holder of any Right to
or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing
by the Company with the Right Agent), as follows:

 

Blue
World Acquisition Corporation

244
Fifth Avenue, Suite B-88

New
York, NY 10001 Attn: Liang Shi

 

and

 

Hunter
Taubman Fischer & Li LLC

800
Third Avenue, Suite 2800

New
York, NY 10022

Attn:
Arila E. Zhou, Esq.

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

Attn:
Compliance Department

 

and

 

Maxim
Group LLC

345
Park Avenue

New
York, New York 10154

Attn:
Alex Jin

 

and

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Mitchell S. Nussbaum, Esq., David J. Levine, Esq.

 

    8

     

    

 

	 	7.3.	Applicable
    Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by the laws
    of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
    laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
    in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
    for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company
    hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
    or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
    requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal
    service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

	 	7.4.	Persons
    Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
    hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and
    the registered holders of the Rights and, for the purposes of Sections 3.1, 3.2, 7.4 and 7.8 hereof, Maxim, any right, remedy, or
    claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. Maxim shall
    be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof. All covenants,
    conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the
    parties hereto (and Maxim with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof) and their successors and assigns and of the registered
    holders of the Rights.

 

	 	7.5.	Examination
    of this Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Right Agent in the Borough
    of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Right Agent may require any such
    holder to submit his, her or its Right for inspection by it.

 

	 	7.6.	Counterparts.
    This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
    be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

	 	7.7.	Effect
    of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
    thereof.

 

	 	7.8.	Amendments.
    This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
    or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with
    respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
    deem shall not adversely affect the interest of the registered holders. All other modifications or amendments shall require the written
    consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not
    be modified, amended or deleted without the prior written consent of Maxim.

 

	 	7.9.	Severability.
    This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
    the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
    or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as
    similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature
Page Follows]

 

    9

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	BLUE
    WORLD ACQUISITION CORPORATION 
	 	 
	 	By:	 
	 	 	Name: 	Liang Shi 
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

[Signature
Page to Rights Agreement-Blue World Acquisition Corporation]

 

    10

     

    

 

EXHIBIT
A

Form
of Right

 

 

11

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