Board of Directors of FlatWorld Acquisition Corp. (OTCPK:FWLA.F) authorized a tender offer on July 30, 2012. Under the program, the company will repurchase up to 825,000 ordinary shares, representing 28.75% at the tender offer price of $10.18 per share for a total cost of $8.39 million. FlatWorld will use funds raised in connection with its IPO, which funds are currently held in the Trust Account for the benefit of public shareholders and which funds will become available upon consummation of the merger, to purchase the ordinary shares tendered in the Offer. Approximately $8.4 million of cash in Trust Account will be available to purchase ordinary Shares. The company also intend to use an aggregate of approximately $375,000 of funds released from the Trust Account upon consummation of the Merger for payment of fees and expenses incurred in connection with the Offer and the Merger, including $50,000 in deferred legal fees from the IPO. The offer is not conditioned on any minimum number of Ordinary Shares being tendered. If more than 825,000 ordinary Shares are validly tendered and not properly withdrawn, the company will terminate or extend the Offer. The offer is conditioned upon FlatWorld shall have conducted the offer and purchased no more than 825,000 Ordinary Shares; and typical transaction closing conditions (e.g., representations and warranties are true and correct, covenants and agreements have been performed, the Related Agreements (as defined below) shall have been executed and delivered, certificates and other instruments have been executed and delivered, antitrust and regulatory approvals have been obtained, no material adverse effect has occurred with respect to FlatWorld or Orchid Island, and no law or order is in effect prohibiting the Merger). If any of the conditions to the Merger are not met, Orchid Island or FlatWorld may choose to exercise any applicable right to terminate the Agreement and Plan of Reorganization. The offer will be valid till August 24, 2012. As of July 26, 2012, the company has 2,869,375 Ordinary Shares outstanding. Continental Stock Transfer & Trust Company acted as depository bank and Morrow & Co., LLC acted as Information Agent for FlatWorld Acquisition Corp. in a buy back transaction.