Flag Ship Acquisition, a blank check company targeting middle-market growth businesses, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.
The company is led by CEO and Chairman Matthew Chen, the Managing Director of Darong Hechuag (Guangdong) International Investment and former Global Head of the credit derivative market making platform at JP Morgan. Flag Ship Acquisition has not identified a target industry but plans to focus on middle-market growth businesses with strong management teams and potential for strong free cash flow generation, among other characteristics.
Flag Ship Acquisition plans to list on the Nasdaq under the symbol FSHPU. Lucid Capital Markets acted as sole bookrunner on the deal.
