Femco Steel Technology Co., Ltd. Completes Business Combination with Chenghe Acquisition I Co., Launching FST Corp. on Nasdaq as KBSX

Femco Steel Technology and Chenghe Acquisition I completed their business combination; FST Corp. shares will trade on Nasdaq as "KBSX."

Quiver AI Summary

Femco Steel Technology Co., Ltd. (FST), a golf shaft manufacturer, has successfully completed its business combination with Chenghe Acquisition I Co., a special purpose acquisition company. The newly established holding company, FST Corp. (PubCo), will begin trading on the Nasdaq under the ticker "KBSX" starting January 16, 2025. The business combination was approved by Chenghe's shareholders on December 23, 2024. FST CEO David Chuang expressed excitement about this milestone, highlighting that the Nasdaq listing will propel FST's growth and competitiveness in the global golf shaft market. The press release also notes the involvement of various financial and legal advisors in the transaction.

Potential Positives

  • Completion of the business combination with Chenghe Acquisition I Co. marks a significant milestone for Femco Steel Technology Co., Ltd. as it transitions to a public company.
  • Newly formed holding company, FST Corp., is set to begin trading on the Nasdaq Global Market under the ticker symbol “KBSX,” enhancing visibility and access to capital markets.
  • The business combination is expected to accelerate growth and enhance capabilities in the golf shaft and equipment market, benefiting both the company and its shareholders.
  • FST is positioned to leverage its listing and expand its competitive presence as a global player in the industry, particularly through its proprietary brand, KBS, trusted by PGA professionals worldwide.

Potential Negatives

  • The cessation of trading for Chenghe’s ordinary shares and units may signal uncertainty regarding investor confidence moving forward.
  • The warning regarding potential risks and uncertainties that could cause actual results to differ materially from expected results could undermine market trust in FST's future performance.
  • The statement about not relying on forward-looking statements may reflect a lack of concrete future plans and clarity on growth for stakeholders.

FAQ

What is the recent business combination announcement about?

Femco Steel Technology Co., Ltd. completed a business combination with Chenghe Acquisition I Co. to become a public company.

When will FST Corp. start trading on Nasdaq?

FST Corp. is expected to commence trading on the Nasdaq Global Market under the ticker symbol “KBSX” on January 16, 2025.

What is Femco Steel Technology Co. known for?

Femco Steel Technology Co. specializes in the research, development, and production of high-quality golf shafts and equipment.

Who are the advisors for this business combination?

Revere Securities LLC advised Chenghe, while Geneva Capital Pte. Ltd. served as the financial advisor to FST.

What are the future plans for FST after becoming public?

FST aims to accelerate growth and enhance capabilities in the global golf shaft market following its listing on Nasdaq.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.


Full Release



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






This article was originally published on Quiver News, read the full story.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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