Flag Ship Acquisition Corporation (Nasdaq: FSHP) announced on September 15, 2026, that it has entered into an Agreement and Plan of Merger with Bluechip & Co. Holdings. The transaction, structured as a business combination, involves Flag Ship merging with a newly formed subsidiary, Purchaser, which will subsequently merge with Bluechip.
Under the terms of the agreement, Bluechip shareholders will receive an aggregate of 40,000,000 Purchaser ordinary shares. This consideration is based on a Company Net Value of $400,000,000, resulting in a value of $10.00 per share. The transaction will result in Bluechip becoming a wholly owned subsidiary of the surviving public company.
Flag Ship’s existing ordinary shares will convert into Purchaser ordinary shares at the closing of the SPAC Merger. Additionally, each Flag Ship unit will separate into an ordinary share and a right, with the right subsequently converting into one-tenth of a Purchaser ordinary share.
Bluechip provides insurance-related customer acquisition, financial education, referral services, U.S. capital markets advisory, AI-driven online advertising, and data center services. The combined company will be led by Flag Ship’s Chief Executive Officer, Matthew Chen, and Bluechip’s Chief Executive Officer, Ming Zhang.
The closing of the transaction is subject to customary conditions, including approval from Flag Ship shareholders, Bluechip shareholder approval, the effectiveness of a registration statement on Form F-4 with the SEC, and approval for listing on The Nasdaq Capital Market.
