Flag Ship Acquisition (NASDAQ:FSHP) Enters Merger Agreement with Great Rich Technologies

Flag Ship Acquisition Corporation recently announced that it has entered into a definitive merger agreement with Great Rich Technologies Limited (GRT) and GRT Merger Star Limited. This agreement signifies a significant move for Flag Ship, a publicly-traded special purpose acquisition company. The merger is intended to result in the shareholders of Flag Ship receiving American Depositary Shares (ADSs) of GRT, while Flag Ship will merge into the Merger Sub, a wholly-owned subsidiary of GRT.

GRT, a Hong Kong-based entity, has built a solid reputation in the development and mass production of a variety of optoelectronic products over the past decade. As GRT pursues expansive projects like new factories and production lines in China, the merger agreement promises to open up new growth avenues for both parties involved.

Matthew Chen, the Chief Executive Officer of Flag Ship, expressed enthusiasm about the merger, stating that the transaction with GRT is anticipated to deliver substantial value to shareholders. The management team at GRT boasts a commendable track record in the optoelectronic industry, pointing towards promising future prospects for the combined entity.

Yongnan Zhou, Chairman of GRT, emphasized that the merger signifies a pivotal step in GRT’s growth journey, aiming to establish itself as a key player in the global optoelectronics landscape.

Transaction Details
In light of the merger agreement, Flag Ship is set to merge with the Merger Sub, ultimately becoming a surviving company post-merger. This consolidation process will automatically cancel and exchange Flag Ship Shares for GRT Ordinary Shares and GRT ADSs. The aggregate consideration payable to Flag Ship shareholders as per the Merger Agreement will include a combination of GRT Ordinary Shares and GRT ADSs based on the set exchange rates.

The completion of the merger is subject to standard closing conditions, including approvals from existing shareholders and the listing of GRT’s ADSs on the Nasdaq stock market.

Additional Information
Legal counsel for Flag Ship in this multi-faceted merger initiative is managed by Becker & Poliakoff P.A. and Ogier. On the other hand, Miller Canfield Paddock and Stone P.L.C. and Appleby are representing the legal interests of the GRT Companies throughout this strategic collaboration.

The detailed agreements outlining the transaction will be filed by Flag Ship with the Securities and Exchange Commission as exhibits to a Current Report on Form 8-K, offering comprehensive insights into the intricacies of this transformative merger.

About Great Rich Technologies Limited
Established in 2012, GRT has emerged as a frontrunner in the development and mass production of optoelectronic products, focusing on Casting Polypropylene (CPP) and Polyethylene Terephthalate (PET) Films for consumer electronics. The company, publicly listed in South Korea, is renowned for its innovative product range, including 3D and Blue Light Block films.

For more information on GRT, visit their website at en.tonglioptech.com.

About Flag Ship Acquisition Corporation
Flag Ship is a blank check company, commonly known as a Special Purpose Acquisition Company (SPAC), with the mission to engage in diverse business combinations and acquisitions. With a broad vision across industries and regions, Flag Ship has shown promise as sponsored by Whale Management Corporation, a BVI-based business with limited liability.

No Offer or Solicitation
The press release does not constitute an offer or solicitation and is aimed at informing stakeholders about the upcoming business combination. Any sale, issuance, or transfer of securities will comply with regulatory requirements, ensuring transparency and legality in the transaction process.

Forward-Looking Statements
Noteworthy forward-looking statements in the press release discuss the potential outcomes and impacts of the merger agreement. While based on current beliefs and information, future events may lead to variations in expected results, urging stakeholders to exercise diligence in their investment decisions.

For more information, please contact Matthew Chen at (212) 884-2667 or via email at [email protected].

Source: Flag Ship Acquisition Corporation

Related: https://en.tonglioptech.com/

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Flag Ship Acquisition’s 8K filing here.

About Flag Ship Acquisition

Flag Ship Acquisition Corporation does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization with one or more businesses. The company intends to acquire businesses in Internet and high technology, financial technology, clean energy, health care, consumer and retail, energy and resources, food processing, manufacturing, and education sectors.