Flag Ship Acquisition, a blank check company targeting businesses with a connection to the Asian market, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The New York, NY-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Flag Ship Acquisition would command a market value of $128 million.
The company is led by CEO and Chairman Matthew Chen, VP of XiaoMingTaiJi Anime and former Global Head of the credit derivative market making platform at JP Morgan. Chen also previously served as CEO then CFO of Longevity Acquisition, which completed its combination with 4D pharma (LBPS) this past March. Flag Ship Acquisition has not identified a target industry but plans to focus on businesses that have a connection to the Asian market.
Flag Ship Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol FSHPU. Ladenburg Thalmann is the sole bookrunner on the deal.
