Chenghe Acquisition I (Nasdaq: LATG) and Femco Steel Technology today announced a business combination agreement.
No financial details were included in the announcement nor has the SPAC yet filed deal information with the SEC.
A potential merger of the companies was announced earlier this week.
Chenge I in October acquired the sponsorship stake of the former LatAmGrowth and secured shareholder approval for an extension up to October 2024. Redemptions totalling approximately $18.1 million left $43 million in trust.
FST designs, manufactures, and sells golf shafts under its proprietary brand, KBS, and golf shafts for other global golf club brands.
The parties said they will use their best efforts to procure more than shareholders holding at least 90% of the company’s shares (on a fully diluted basis) to roll their equity into the combined enterprise.
Revere Securities is financial and capital markets advisor to Chenghe. Geneva Capital Group serves as the financial advisor to FST. White and Case and Lee and Li, Attorneys-at-Law, are legal advisors to Chenghe. Landi Law Firm and Ross Law Group are legal advisors to FST. Read more.
