FSHP · Flag Ship Acquisition Corporation

Flag Ship Acquisition Corporation, a SPAC, has signed a binding letter of intent with Bluechip & Co. Holdings, a Cayman Islands exempt company operating a cross-border financial services platform. The LOI establishes a 90-day mutual exclusivity period for due diligence and negotiation of a definitive merger agreement, with potential extensions. The proposed business combination contemplates acquiring 100% of Bluechip's equity interests through a share exchange, merger, consolidation, or similar structure, with an implied equity valuation ranging from $300 million to $400 million based on preliminary discussions. Bluechip's primary revenue comes from insurance-related customer acquisition, financial education, and referral services, complemented by U.S. capital markets advisory for corporate clients and investors across jurisdictions. This non-binding LOI except for exclusivity terms signals advancement toward a de-SPAC transaction but remains contingent on completing satisfactory due diligence, executing definitive agreements, obtaining board and shareholder approvals, and satisfying customary closing conditions. No assurance exists that a definitive agreement will be reached or the transaction consummated. A proxy statement/prospectus will be filed with the SEC if definitive agreements are signed, providing further details on terms, risks, and participant interests. Management quotes highlight strategic fit in the growing cross-border financial services market and opportunities for accelerated growth and global capital access.