Chenghe I (NASDAQ:LATG) has signed a potential combination with Taipei-listed golf club manufacturer Femco Steel Technology (TWO:6731) for yet undisclosed consideration.
The parties have not yet released any terms for the agreement, but Femco has an existing market cap of about $45 million. In a press release, the company explained that this is a strategic move to increase its presence in the US market and it plans to de-list its Taipei-traded shares upon completion.
Femco’s main business is in the manufacturing and selling of its KBS brand golf clubs, which include irons as well as graphite-shafted clubs and wood drivers.
The Chenghe team is experienced in Asia, but it is new to this body, taking over LatAmGrowth SPAC in a sponsor buyout in October. The existing team and Board stepped down at that time but the newcomers have not officially named new appointments.
The dealmakers at the helm nonetheless appear by all accounts to have ties to sister SPAC Chenghe (NASDAQ:CHEA), which came to the market via an April 2022 IPO and announced a combination with Taiwanese precision glassmaker TCO in July.
The two sides did eventually release an investor presentation for that transaction, which is not always a given with Asia-based deals.
Chengehe I still has time to put out more materials if it passes this transaction all the way to a definitive agreement as it has the ability to automatically extend its deadline up to October 27, 2024.
But, there is no guarantee that this will make it to that stage, so Chenghe I will stay in SPACInsider’s searching column for now.
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