Flag Ship Acquisition to Merge With Bluechip in $400 Million Deal

05:11 PM EDT, 09/15/2026 (MT Newswires) -- Flag Ship Acquisition (FSHP) said Tuesday it signed a merger agreement with Bluechip & Co. Holdings, a Cayman Islands company providing insurance-related customer acquisition, financial education, referral, US capital-markets advisory, AI-driven online advertising and data-center services, in a deal valuing Bluechip at $400 million. Under the agreement, Flag Ship will merge into a newly formed Purchaser entity, which will then acquire Bluechip through a subsidiary merger, the company said. Bluechip shareholders will receive a pro rata share of 40 million Purchaser ordinary shares. Each Flag Ship ordinary share will convert into one Purchaser share, and each Flag Ship right will be exchanged for a Purchaser right and ultimately convert into one-tenth of a Purchaser share, according to the company. Following the merger, Purchaser's five-member board will include one director designated by Flag Ship, one by Bluechip CEO Ming Zhang, and three independent directors, the company said. The deal is subject to Flag Ship and Bluechip shareholder approval, the effectiveness of a Form F-4 registration statement, Nasdaq listing approval and other customary conditions.