Chenghe Acquisition I (NASDAQ:LATGU) Completes Merger and Rebrands as FST Ltd.

Chenghe Acquisition I Co. (NASDAQ:LATGU) recently concluded its merger with Femco Steel Technology Co., Ltd. (FST) and has progressed with a rebranding initiative. On January 15, 2025, following the successful merger completion, Chenghe altered its name to FST Ltd.

This milestone transition emerged subsequent to a series of developments within the company. Beginning with the business combination agreement dated December 22, 2023, Chenghe had embarked on a journey inclusive of an extraordinary general meeting for shareholders on December 23, 2024. During this gathering, shareholders greenlit the proposal to approve the business combination and undertook the redemption of 1,754,618 Class A ordinary shares for a total redemption amount of about $20,724,551.72.

The Closing Date on January 15, 2025, marked the pinnacle of these strategic endeavors, as Merger Sub merged with Chenghe. Consequently, Chenghe transitioned to being the surviving entity, a direct subsidiary of CayCo, and integrated into the FST family. With these structural changes, shareholders saw their SPAC units converted into SPAC Class A Ordinary Shares, symbolizing a significant shift in the company’s stock structure.

The rebranded entity’s listed status offers an affirmative outlook on the future as it prepares to debut on the Nasdaq Global Market under the ticker symbol “KBSX” on January 16, 2025. This anticipated market debut signifies a new chapter for FST Ltd. and reinforces its presence in the global golf shaft and equipment market.

One of the significant agreements in this transformation was the Investor Rights Agreement signed by Chenghe, FST, and other pertinent parties. The agreement delineates the rights and obligations post-merger and highlights the strategic vision the consortium holds for the future.

The business combination’s completion also led to the termination of certain pre-existing agreements of Chenghe in accordance with their terms. Notably, in connection with the merger, agreements such as the Investment Management Trust Agreement and the Letter Agreement came to closure.

Chenghe commemorated this achievement by issuing a joint press release in collaboration with CayCo on the Closing Date. The press release shed light on the successful closing of the business combination and the affirmative steps taken toward transformation.

With these progressive moves, the amalgamation of Chenghe and FST sets a precedent for further growth and evolution within the reinvigorated entity, now known as FST Ltd.

The foregoing article summarily encapsulates the journey of Chenghe Acquisition I Co. (NASDAQ:LATGU) and its transformational pivot toward rebranding as FST Ltd.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Chenghe Acquisition I’s 8K filing here.

Chenghe Acquisition I Company Profile

Chenghe Acquisition I Co does not have significant operations. The company focuses on effecting a merger, share exchange, share purchase, asset acquisition, reorganization, or similar business combination with one or more businesses. It intends to focus its search for an initial business combination on businesses in Latin America or Hispanic-owned businesses in the United States.