FST Corp. Completes Merger with Femco Steel Technology and Chenghe Acquisition I “`
Taipei, January 15, 2025 — Femco Steel Technology Co., Ltd. (“FST”), a leading golf shaft manufacturer, and Chenghe Acquisition I Co. (“Chenghe”), a special purpose acquisition company (SPAC), today announced the successful completion of their previously announced merger. Shares of the newly formed parent company, FST Corp. (“PubCo”), are set to begin trading on the Nasdaq Global Market under the ticker symbol “KBSX” on January 16, 2025. Chenghe shareholders approved the merger on December 23, 2024, at a special meeting. Following the merger’s close, trading of Chenghe shares and units was suspended.
Mr. David Chuang, CEO and Chairman of FST, stated, “We’re delighted to finalize our business combination with Chenghe, a significant step in FST’s journey to becoming a publicly traded company. This strategic move will accelerate our growth and strengthen our ability to serve the global golf market with superior craftsmanship and advanced technology. Our Nasdaq listing is vital to our future growth and expansion, opening new opportunities for FST to compete on a global scale. We look forward to leveraging this to drive growth and deliver strong returns for our shareholders.”
Advisors
Revere Securities LLC acted as Chenghe’s financial and capital markets advisor. Geneva Capital Pte. Ltd. served as FST’s financial advisor. White & Case LLP, Maples and Calder (Hong Kong) LLP, and Lee and Li, Attorneys-at-Law, provided legal counsel to Chenghe. Landi Law Firm, Ross Law Group, PLLC, and Ogier, acted as legal advisors to FST.
About FST
FST, based in Taiwan, focuses on research, development, production, and sales of golf shafts. Its clientele includes major global golf brands and distributors. Besides contract manufacturing of steel shafts, the company also designs, manufactures, and sells high-quality shafts under its proprietary brand, KBS, a respected golf shaft brand and lifestyle innovator trusted by PGA professionals worldwide. For more information, please visit and .
About Chenghe Acquisition I Co.
Chenghe Acquisition I Co. is a SPAC incorporated under Cayman Islands law, established to pursue mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations.
No Offer or Solicitation
This press release is not an offer to sell or exchange, or a solicitation of an offer to buy or exchange, any securities. No securities will be sold in any jurisdiction where such offer, sale, or exchange would be illegal before registration or qualification under the relevant securities laws.
Forward-Looking Statements
This press release, and statements made by FST, Chenghe, PubCo, and their affiliates, may include “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates, and projections; therefore, you should not rely on these statements as predictions of future events. Words like “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might,” and “continues,” and similar terms, indicate forward-looking statements. These statements include, but are not limited to, statements about Nasdaq trading commencement, failure to realize expected benefits from the merger, FST’s continued growth, and its ability to deliver value. Additional risks are detailed in the definitive proxy statement/prospectus filed with the SEC on December 3, 2024, and future SEC filings. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Many of these factors are beyond the control of PubCo, FST, and Chenghe and are hard to predict. Should one or more of these risks materialize, or underlying assumptions prove incorrect, actual results may vary significantly from those anticipated. Readers are cautioned not to over-rely on forward-looking statements, which only reflect the situation at the time they were made. PubCo, FST, and Chenghe do not assume any obligation to update forward-looking statements except as legally required.
For investor and media inquiries, please contact:
FST Corp.
Kathee Lin
Geneva Capital Pte. Ltd.
Bob Lau
Media Contact:
Bob Lau
Chenghe Acquisition I Co.
38 Beach Road #29-11
South Beach Tower
Singapore 189767