FST Corp. Completes Milestone Business Combination with Chenghe Acquisition I Co.
Deal News | Jan 15, 2025 | Globenewswire
FST Corp., known for its innovative golf shaft manufacturing, has successfully concluded a strategic business combination with Chenghe Acquisition I Co., a special purpose acquisition company. The merger signifies a key step for FST as it transitions to a publicly-traded entity on the Nasdaq Global Market, trading under the ticker symbol KBSX starting January 16, 2025. The decision, approved by Chenghe's shareholders, aims to accelerate FST's growth in the global market, enhancing its capability to serve the golf shaft industry. Revere Securities provided financial advisories to Chenghe, while Geneva Capital advised FST. Various legal advisors supported both entities through this transition. This marks a significant moment in FST’s expansion ambitions, driven by advanced technology and craftsmanship in the golf equipment sector.
Sectors
- Manufacturing
- Financial Services
- Sports Equipment
Geography
- Taiwan – FST is based in Taiwan, making it a significant geographic location for the company.
- Cayman Islands – Chenghe Acquisition I Co. is incorporated in the Cayman Islands, marking it as a relevant geographical jurisdiction.
- United States – The newly combined entity will be trading on Nasdaq, a U.S.-based stock exchange, indicating its involvement in the U.S. market.
Industry
- Manufacturing – The article involves FST, a company engaged in the production of golf shafts, which is a subset of the manufacturing industry.
- Financial Services – Chenghe Acquisition I Co. is a special purpose acquisition company, indicating its role within the financial services sector.
- Sports Equipment – FST is a company that develops and sells golf shafts, characterizing it as part of the sports equipment industry.
Financials
- Not Disclosed – The financial terms of the business combination were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Femco Steel Technology Co., Ltd. | Target | Company | A Taiwan-based manufacturer of golf shafts. |
| Chenghe Acquisition I Co. | Bidding Company | Company | A SPAC incorporated in the Cayman Islands, facilitating the acquisition of FST. |
| FST Corp. | Target | Company | Newly formed holding company for the merged entity. |
| Revere Securities LLC | Financial Advisor | Company | Financial advisor to Chenghe during the business combination. |
| Geneva Capital Pte. Ltd. | Financial Advisor | Company | Financial advisor to FST during the business combination. |
| White & Case LLP | Legal Advisor | Company | Legal advisor to Chenghe. |
| Maples and Calder (Hong Kong) LLP | Legal Advisor | Company | Legal advisor to Chenghe. |
| Lee and Li, Attorneys-at-Law | Legal Advisor | Company | Legal advisor to Chenghe. |
| Landi Law Firm | Legal Advisor | Company | Legal advisor to FST. |
| Ross Law Group, PLLC | Legal Advisor | Company | Legal advisor to FST. |
| Ogier | Legal Advisor | Company | Legal advisor to FST. |
| Mr. David Chuang | CEO and Chairman | Person | CEO and Chairman of FST. |