FST Corp., Femco Steel Technology Co., Ltd. and Chenghe Acquisition I Co. Announce Closing of Business Combination
FST Corp and Chenghe Acquisition I Co. have successfully completed their business combination, with FST Corp's ordinary shares set to begin trading on the Nasdaq Global Market under the ticker symbol KBSX on January 16, 2025. The merger, approved by Chenghe's shareholders on December 23, 2024, marks FST's transition to becoming a public company.
FST, an innovative golf shaft manufacturer, aims to leverage this strategic move to accelerate growth and enhance its capabilities in the global golf shaft and equipment market. The Nasdaq listing is positioned as a important step in the company's expansion plans, potentially strengthening its position as a global player in the industry.
FST Corp e Chenghe Acquisition I Co. hanno completato con successo la loro combinazione aziendale, con le azioni ordinarie di FST Corp che inizieranno a essere scambiate sul Nasdaq Global Market con il simbolo di ticker KBSX il 16 gennaio 2025. La fusione, approvata dagli azionisti di Chenghe il 23 dicembre 2024, segna la transizione di FST nel diventare una società pubblica.
FST, un innovativo produttore di aste per golf, mira a sfruttare questo passo strategico per accelerare la crescita e migliorare le proprie capacità nel mercato globale delle aste e dell'attrezzatura per il golf. La quotazione al Nasdaq è vista come un passo importante nei piani di espansione dell'azienda, potenzialmente rafforzando la sua posizione come attore globale nel settore.
FST Corp y Chenghe Acquisition I Co. han completado con éxito su combinación empresarial, y las acciones ordinarias de FST Corp comenzarán a cotizar en el Nasdaq Global Market bajo el símbolo de ticker KBSX el 16 de enero de 2025. La fusión, aprobada por los accionistas de Chenghe el 23 de diciembre de 2024, marca la transición de FST hacia convertirse en una empresa pública.
FST, un fabricante innovador de varillas de golf, tiene como objetivo aprovechar este movimiento estratégico para acelerar el crecimiento y mejorar sus capacidades en el mercado global de varillas y equipos de golf. La cotización en el Nasdaq se posiciona como un paso importante en los planes de expansión de la empresa, potencialmente fortaleciendo su posición como un jugador global en la industria.
FST Corp와 Chenghe Acquisition I Co.는 성공적으로 사업 결합을 완료했으며, FST Corp의 보통주는 2025년 1월 16일부터 Nasdaq Global Market에서 KBSX라는 티커 심볼로 거래를 시작할 예정입니다. 이 합병은 2024년 12월 23일 Chenghe 주주들의 승인을 받아 이루어졌으며, FST가 공개 회사로 전환하는 과정을 의미합니다.
FST는 혁신적인 골프 샤프트 제조업체로서, 이 전략적 움직임을 통해 성장을 가속화하고 글로벌 골프 샤프트 및 장비 시장에서의 역량을 강화할 계획입니다. Nasdaq 상장은 회사의 확장 계획에서 중요한 단계로 위치지워져 있으며, 업계에서 글로벌 선수로서의 입지를 강화하는 데 기여할 수 있습니다.
FST Corp et Chenghe Acquisition I Co. ont mené à bien leur combinaison d'affaires, les actions ordinaires de FST Corp devant commencer à être échangées sur le Nasdaq Global Market sous le symbole boursier KBSX le 16 janvier 2025. La fusion, approuvée par les actionnaires de Chenghe le 23 décembre 2024, marque la transition de FST pour devenir une société publique.
FST, un fabricant innovant de shafts de golf, vise à tirer parti de ce mouvement stratégique pour accélérer sa croissance et améliorer ses capacités sur le marché mondial des shafts et équipements de golf. L'inscription au Nasdaq est considérée comme une étape importante dans les plans d'expansion de l'entreprise, pouvant potentiellement renforcer sa position en tant qu'acteur mondial dans l'industrie.
FST Corp und Chenghe Acquisition I Co. haben erfolgreich ihre Unternehmensfusion abgeschlossen. Die Stammaktien von FST Corp werden ab dem 16. Januar 2025 unter dem Tickersymbol KBSX am Nasdaq Global Market gehandelt. Die Fusion, die am 23. Dezember 2024 von den Aktionären von Chenghe genehmigt wurde, markiert den Übergang von FST zu einem öffentlichen Unternehmen.
FST, ein innovativer Hersteller von Golf-Schafts, zielt darauf ab, diese strategische Maßnahme zu nutzen, um das Wachstum zu beschleunigen und seine Fähigkeiten auf dem globalen Markt für Golf-Schafts und -Ausrüstungen zu verbessern. Die Nasdaq-Notierung wird als wichtiger Schritt in den Expansionsplänen des Unternehmens angesehen, der potenziell seine Position als globaler Akteur in der Branche stärken könnte.
- Successful completion of business combination leading to Nasdaq listing
- Access to public capital markets for potential future growth
- Enhanced market visibility through Nasdaq Global Market presence
- Strategic positioning for expansion in global golf equipment market
- None.
Insights
The completion of FST's SPAC merger with Chenghe Acquisition I Co. represents a significant capital markets event. Golf equipment manufacturing company FST will begin trading on the Nasdaq Global Market under ticker 'KBSX', providing public market access and enhanced liquidity for investors. While specific transaction values and post-merger financials aren't disclosed, SPAC mergers typically provide substantial capital infusion for growth initiatives.
The golf equipment industry has shown resilience and growth potential, particularly in Asia-Pacific markets. FST's specialized focus on golf shaft manufacturing positions it in a technical niche with higher barriers to entry compared to general golf equipment. For retail investors wondering about the simplified implications: Think of this like a private company getting a 'fast pass' to the stock market through this SPAC merger, rather than going through the traditional IPO process.
The involvement of multiple financial advisors and legal firms across jurisdictions (Revere Securities, Geneva Capital, White & Case) suggests a complex, well-structured deal. The timing of the listing, coming early in 2025, could benefit from new year investment flows and portfolio rebalancing activities.
FST's public listing through this SPAC merger has strategic manufacturing implications. As a specialized golf shaft manufacturer, public company status could provide important capital for advanced manufacturing technology investments and potential capacity expansion. The golf equipment manufacturing sector requires precision engineering and high-quality materials - having access to public markets can fund these capital-intensive requirements.
In simple terms: Imagine a craftsman's workshop getting the funding to upgrade to state-of-the-art machinery. That's essentially what this public listing could enable FST to do, but on an industrial scale. The company's focus on "exceptional craftsmanship and advanced technology" suggests a strategy to compete in the premium segment of the golf shaft market, where margins are typically higher but require continuous innovation and quality control investments.
Taipei, Jan. 15, 2025 (GLOBE NEWSWIRE) -- Femco Steel Technology Co., Ltd. (“FST” or the “Company”), an innovative golf shaft manufacturer, and Chenghe Acquisition I Co. (“Chenghe”), a special purpose acquisition company, today announced the completion of their previously announced business combination (the “Business Combination”). Ordinary shares of the newly formed holding company, FST Corp. (“PubCo”), are expected to commence trading on the Nasdaq Global Market under the ticker symbol “KBSX” on January 16, 2025. The Business Combination was approved at an extraordinary general meeting of Chenghe’s shareholders on December 23, 2024. Upon the closing of the Business Combination, trading of Chenghe’s ordinary shares and units ceased.
Mr. David Chuang, Chief Executive Officer and Chairman of the Board of FST commented, “We are thrilled to complete our business combination with Chenghe, marking a pivotal milestone in FST’s journey to becoming a public company. We believe this strategic move will accelerate our growth and enhance our capabilities to serve the global golf shaft and equipment market with exceptional craftsmanship and advanced technology. Getting listed on Nasdaq is a crucial step in our future growth and expansion plans, opening a new chapter that elevates FST to a larger and more competitive arena as a global player. We look forward to leveraging this opportunity to drive growth and delivering long-term values for our shareholders.”
Advisors
Revere Securities LLC (“Revere”) serves as the financial and capital markets advisor to Chenghe. Geneva Capital Pte. Ltd. serves as the financial advisor to FST. White & Case LLP, Maples and Calder (Hong Kong) LLP, and Lee and Li, Attorneys-at-Law, acted as the legal advisors to Chenghe. Landi Law Firm, Ross Law Group, PLLC, and Ogier, acted as the legal advisors to FST.
About FST
FST is a Taiwan-based company mainly engaged in the research and development, production and sales of golf shafts. Its customers cover the world’s major golf brand manufacturers and distributors. In addition to contract manufacturing of steel golf shafts, the Company also designs, manufactures and sells high-quality golf shafts under its proprietary brands, KBS, a renowned golf club shaft brand and lifestyle innovator which is trusted by PGA professionals worldwide. For more information, visit https://fstcorp.com and www.kbsgolfshafts.com.
About Chenghe Acquisition I Co.
Chenghe Acquisition I Co. is a special purpose acquisition company incorporated under the laws of Cayman Islands for the purpose of effecting mergers, share exchanges, asset acquisitions, share purchases, reorganizations or similar business combinations with one or more businesses. For more information, visit https://chengheinv.com/chenghe-acquisition-i-co/.
No Offer or Solicitation
This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains, and certain oral statements made by representatives of FST, Chenghe, PubCo, and their respective affiliates, from time to time may contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Chenghe, FST and PubCo’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding commencement of trading on Nasdaq, the failure to realize the anticipated benefits of the Business Combination, FST’s continued growth and expansion and its ability to deliver value to customers and investors, along with those other risks described under the heading “Risk Factors” in the definitive proxy statement/prospectus filed by PubCo. with the Securities and Exchange Commission (the “SEC”) on December 3, 2024, and those that are included in any of PubCo’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of PubCo, FST and Chenghe are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of PubCo, FST and Chenghe undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
For investor and media inquiries, please contact:
FST Corp.
Kathee Lin
kathee.lin@fstshafts.com
Geneva Capital Pte. Ltd.
Bob Lau
bob.lau@genevagroup.com.sg
Media Contact:
Bob Lau
bob.lau@genevagroup.com.sg
Chenghe Acquisition I Co.
38 Beach Road #29-11
South Beach Tower
Singapore 189767
FAQ
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