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Flag Ship Acquisition Corp, a special purpose acquisition company with a market capitalization of $91.11 million, has amended its merger agreement with Great Rich Technologies Limited (GRT) and GRT Merger Star Limited, extending the deadline for the proposed transaction. The extension moves the Outside Date from February 28, 2025, to August 28, 2025, providing additional time to satisfy closing conditions.
The initial merger agreement, which was established on October 21, 2024, outlined the terms for Flag Ship to merge with GRT’s wholly-owned subsidiary, Merger Sub, making Merger Sub the surviving entity owned by GRT. This strategic move is subject to approval by shareholders of both Flag Ship and GRT, as well as other customary closing conditions.
The announcement, based on a press release statement, indicates that the amendment solely affects the section of the agreement related to the Outside Date, with no other terms modified. This extension reflects the companies’ commitment to fulfilling the merger’s conditions and regulatory requirements.
Flag Ship Acquisition Corp, listed on The Nasdaq Stock Market LLC under the ticker symbols FSHPU (Units), FSHP (Ordinary Shares), and FSHPR (Rights), is a blank check company formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Currently trading at $10.48, near its 52-week high of $10.74, the company maintains a P/E ratio of 89.37. InvestingPro analysis indicates the stock is trading above its Fair Value, with additional insights available to subscribers.
Investors and shareholders are advised to read the proxy statement/prospectus and other relevant documents filed with the SEC when they become available, as they will contain important information about the proposed transaction. The amended merger agreement is attached to the SEC filing as Exhibit 2.1. For comprehensive financial analysis and exclusive insights, including detailed financial health metrics (currently rated as FAIR by InvestingPro), investors can access advanced tools and real-time data through the Pro platform.
The companies have not provided any additional forward-looking statements or projections regarding the outcome of the merger or the anticipated benefits. The completion of the merger remains subject to the satisfaction of the conditions set forth in the merger agreement and the amended Outside Date.
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