DealsMay 29, 2026, 04:38 PM
Flag Ship Acquisition Corp Signs LOI with Bluechip & Co. Holdings
AI Summary
Flag Ship Acquisition Corp has entered into a Letter of Intent with Bluechip & Co. Holdings for a proposed business combination, following the termination of two prior merger agreements with Great Rich Technologies Limited and Great Future Technology Inc. The company is seeking shareholder approval to extend its business combination deadline from June 20, 2026, to June 20, 2027. As of December 31, 2025, the company reported a working capital deficit of $1,438,801 and held $33,080,038 in its trust account.
Key Highlights
- Entered Letter of Intent with Bluechip & Co. Holdings for a proposed business combination on May 8, 2026.
- Terminated merger agreement with Great Future Technology Inc. on May 3, 2026.
- Terminated merger agreement with Great Rich Technologies Limited on April 18, 2025.
- Seeking shareholder approval to extend business combination deadline to June 20, 2027.
- Had a working capital deficit of $1,438,801 as of December 31, 2025.
- Held $33,080,038 in the trust account as of December 31, 2025.
- Completed IPO on June 20, 2024, raising $69,000,000.
- 3,837,483 shares redeemed at ~$10.47 per share, leaving 3,062,517 public shares.
Price Impact
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