Flag Ship Acquisition enters into merger agreement with Great Rich Technologies

Flag Ship Acquisition (FSHP) has signed a definitive merger agreement with Great Rich Technologies and GRT Merger Star – Merger Sub. Upon completion of the merger, shareholders of Flag Ship will receive ADSs of GRT and Flag Ship will be merged into the Merger Sub, a wholly-owned subsidiary of GRT. Completion of the merger will be subject to customary closing conditions. GRT, a Hong Kong entity, has been in the business of developing and mass producing various optoelectronic products for more than a decade. It is publicly listed in South Korea, and has been pursuing expansion with new factories and production line projects in China in recent years. Each ordinary share of Flag Ship will be automatically cancelled, extinguished and exchanged for the right to receive, immediately upon consummation the merger, one ordinary share of GRT payable in ADSs of GRT. The closing conditions of the merger include, among others, the approval of the merger by Flag Ship’s existing shareholders and approvals from GRT shareholders, and the approval for listing of GRT’s ADSs on the Nasdaq Stock Market.