Flag Ship Acquisition Corporation
PROPOSED BUSINESS COMBINATION: Great Rich Technologies Limited
ENTERPRISE VALUE: $tbd million
ANTICIPATED SYMBOL: tbd
Flag Ship Acquisition Corporation proposes to combine with Great Rich Technologies Limited.
Founded in 2012, GRT is a leader in the development and mass production of optoelectronic products. It develops, manufactures, and markets Casting Polypropylene (CPP) and Polyethylene Terephthalate (PET) Films for consumer electronics. The Company also produces 3D and Blue Light Block films. It is a publicly listed entity in South Korea.
TRANSACTION
- Upon completion of the merger, shareholders of Flag Ship will receive American Depositary Shares of GRT and Flag Ship will be merged into the Merger Sub, a wholly-owned subsidiary of GRT.
- Flag Ship shall use all reasonable efforts to remain as a public company on, and for its securities to be tradable over the Nasdaq Global Market.
- Immediately prior to Closing, there will be 80,850,000 issued GRT Ordinary Shares, out of which 67,375,000 shares are currently issued and outstanding.
SPAC FUNDING
- There is no additional funding at this time.
LOCK-UP
- Company and Sponsor:
- 50% of the lock-up shares will be released on the earlier of (i) six months from the Closing Date or (ii) if the share price equals or exceeds $12.50/Share for any 20/30 trading days.
- 50% of the lock-up shares will be released six months after the Closing Date.
NOTABLE CONDITIONS TO CLOSING
- There shall be at least $10,000,000 of “available liquidity” as of the closing.
NOTABLE CONDITIONS TO TERMINATION
- By either party if the transactions contemplated by the Merger Agreement has not been completed by February 28, 2025 (the “Outside Date”).
ADVISORS
- Company Advisors:
- Miller Canfield Paddock and Stone P.L.C. and Appleby are acting as legal counsel to the GRT Companies.
- SPAC Advisors:
- Becker & Poliakoff P.A. and Ogier are acting as legal counsel to Flag Ship.
MANAGEMENT & BOARD
Executive Officers
Matthew Chen, 52
Chief Executive Officer and Chairman
Mr. Chen has served as our Chief Executive Officer and Chairman since February, 2021. Mr. Chen has served as Chairman and Chief Executive Officer of Longevity Acquisition Corporation, which is a SPAC entity) from June 2018 to October 2020 and subsequently as Chief Financial Officer of longevity Acquisition Corporation. Since January 2018, Mr. Chen has served as Vice President of XiaoMingTaiJi Anime Limited Co., where Mr. Chen is mainly responsible for equity investment, acquisitions and corporate financing. From 2011 to January 2018, Mr. Chen served as the global head of the credit derivative market making platform at JP Morgan’s London branch. From 2008 to 2011, Mr. Chen served as the Asia credit derivative risk analysis manager at JP Morgan’s Hong Kong branch. From 2005 to 2008, Mr. Chen served as Managing Director at Bear Stearns, responsible for the firm’s equity derivative strategic product development. From 2003 to 2005, Mr. Chen served as Vice President at Realty Data Corp. an independent mortgage data provider. From 1998 to 2003, Mr. Chen served as Senior Manager at Imagine Software, a quantitative financial model provider. Mr. Chen holds a BS from Florida State University and MS Degree of Computer Science from New York University.
Luhuan Zhong, 35
Chief Financial Officer
Mr. Zhong has served as our Chief Financial Officer/Principal Accounting Officer since February 2021. He serves as a consultant to Longevity Acquisition Corporation, a SPAC entity, from October 2019 to February 2021, and he previously served as a consultant for Greenland Acquisition Corporation from October 2018 to October 2019. From September 2015 to October 2018, Mr. Zhong served as the project manager of Haitong Securities Co. Ltd. From September 2012 to September 2015, Mr. Zhong served as senior auditor in Shanghai office of Deloitte Touche Tohmatsu CPA LLP. Mr. Zhong obtained his bachelor’s degree of finance from Macquarie University in 2010 and his master’s degree in finance from University of Technology, Sydney in 2012.
Board of Directors
Shan Cui, 51
Director
Ms. Cui joined our board in February 2021. She is serving as the independent director of Venus Acquisition Corporation since February 2021, independent director of Wimi Hologram Cloud Inc. since June 2020, and Addentax Group Corp. since June 2020. Previously, Ms. Cui served as independent director for Greenland Acquisition Corporation from May 2021 to October 2019. She has been the Executive Director of First Capital International Limited since 2010 and provided consulting services for private equity companies and venture capital companies. From February 2011 to February 2013, she served as the Chief Financial Officer of Lizhan Environmental Corporation, a Nasdaq-listed company engaged in the business of green leather material.
Pai Liu, 38
Director
Mr. Pai Liu has served as a director since February 2021. He has served as a member of the Board of Directors of Longevity Acquisition Corporation since December 2019. Mr. Liu has served as chief executive officer of Wuhan Dacheng Equity Investment Fund Management Company since July 2016. From December 2014 to April 2016, Mr. Liu was a senior associate of Deloitte in China. From September 2013 to October 2014, Mr. Liu served as a senior associate of Mazars Group in China. From October 2011 to September 2013, Mr. Liu served as an associate of PricewaterhouseCoopers in its Shanghai office and was involved in the auditing of large and medium-sized foreign enterprises. Mr. Liu earned his master’s degree in accounting & finance from Leeds University in the United Kingdom and received a bachelor’s degree in finance from the South Central University for Nationalities in China.
Wen He, 58
Director
Mr. He is an experienced professional who has 26 years of experience in Internet, Internet-of-Things, IT and software industry. Mr. He also has over 10 years of experience in investment and M&A, with a focus on fund raising, investment management, equity and bond financing and Fin-tech (e.g. Internet, Internet-of-Things, Blockchain). Mr. He oversaw and participated in multiple investments, listings and asset restructurings in a number of industries including: renewable energy, new material, sustainability, healthcare and high-tech. Mr. He currently serves as an independent director of Alphatime Acquisition Corp., a special purpose acquisition company listed on Nasdaq. Mr. He also serves as the Vice Manager of Dr. Peng Cloud Computing Ltd. and the President of Haijuhuiren Holding Group. Mr. He served as the Operation Director of Xunye Group, one of the earliest Internet companies in China. Mr. He served as the Vice President of Shenzhen Longmai Information Co., Ltd., and President and Technology Director of Naoku Technology Holding Group. In 2001, Mr. He co-founded OP.CN, the predecessor company of Qvod Player, with Xin Wang and served as its Chairman. Mr. He served as the Executive Director of Guangdong Gaohe Financial Leasing Co., Ltd. and the independent director of China Oil Gangran Energy Group Holdings Limited (08132.HK). Mr. He holds an MBA from Columbia Southern University and a Bachelor Degree from Hunan Normal University. Mr. He holds a PMP and ICAA.
