SPAC Futurewave, Olympian Sign $400M Merger Deal, Nasdaq Listing Ahead

Futurewave Acquisition Corporation (Nasdaq: FWAC), a Cayman Islands special purpose acquisition company, and Olympian Group Inc. announced on Sept. 28, 2026 that they entered into a definitive merger agreement. Under the deal, Olympian shareholders receive 40,000,000 Purchaser ordinary shares valued at $10.00 per share, based on a Company Net Value of $400,000,000. The combined company is expected to be Nasdaq-listed, subject to regulatory and shareholder approvals. Futurewave units, ordinary shares, warrants and rights trade under FWACU, FWAC, FWACW and FWACR.

Context — Why the Futurewave-Olympian SPAC Deal Matters

The proposed transaction is structured as a two-step merger. Futurewave will first merge into Olympian Global Inc., a wholly owned Cayman subsidiary, with that entity surviving as PubCo. Concurrently, FWAC Merger Sub Ltd. merges into Olympian, which survives as a wholly owned subsidiary of PubCo.

Olympian operates through its wholly owned Hong Kong subsidiary, HK Shang Ge Industrial Limited. The company describes itself as a solutions provider specializing in integrated chip and electronic component solutions, spanning component selection, specification alignment and supply-chain integration across automotive electronics and industrial connectivity value chains.

The report cites no prior-period financials, revenue figures or growth rates for Olympian. It also does not disclose the SPAC's trust size, redemption levels or the percentage of shares held by public shareholders. Readers comparing this deal to other semiconductor-sector SPACs will find no such benchmark in the announcement.

What changed to trigger the event now is not stated in the report beyond the signing of the Merger Agreement itself. The deal arrives with the combined company targeting a Nasdaq listing, a step that would give Olympian a US public-market platform it did not previously hold.

Data — What the Numbers Show

The headline figure is the $400,000,000 Company Net Value assigned to Olympian. That translates to 40,000,000 Purchaser ordinary shares at $10.00 per share. Class A shares carry one vote each; Class B shares, issued to Olympian's key founders, carry ten votes each and are convertible at the holder's option into Class A shares.

Item	Detail
Company Net Value	$400,000,000
Shares issued to Olympian holders	40,000,000
Per-share reference value	$10.00
Class A votes per share	1
Class B votes per share	10

Each Futurewave unit separates into one ordinary share, one warrant and one right at the Reincorporation Merger. Each right converts into one-fourth of a Purchaser Class A ordinary share at closing, subject to fractional-share treatment.

The report provides no comparable peer valuation, no revenue multiple and no market-cap figure for the combined entity. The structure is dual-class, with Class B founder shares carrying ten votes versus one for public Class A holders.

Analysis — What the Deal Means for Markets and Sectors

The dual-class structure matters for index inclusion and governance screens. Class B founders hold ten votes per share, and lock-up restrictions apply until the earlier of six months after closing or the date when the Class A closing price equals or exceeds $12.50 per share for 20 trading days within any 30-trading-day period.

That $12.50 trigger is the only performance threshold named in the report. It sits 25% above the $10.00 per-share reference value used to price the Olympian shares.

The board of PubCo will have five directors: one independent director appointed by Futurewave and four appointed by Olympian, with at least a majority independent under applicable securities laws and Nasdaq rules.

Olympian's business touches automotive electronics and industrial connectivity, sectors tied to semiconductor supply chains. Exposure, if the deal closes, would sit with the combined entity's own shares rather than with any named supplier or customer, none of which the report identifies.

The main counter-argument is that SPAC mergers carry redemption and closing risk. The report lists failure to obtain shareholder approval, delays in regulatory approvals and the inability to maintain a Nasdaq listing among the risks. Any of those could terminate the deal.

Positioning is not disclosed. The report gives no short interest, no institutional ownership breakdown and no trust-redemption data, so where flow is going cannot be stated.

Outlook — What to Watch Next

The next concrete step is the filing of a registration statement on Form F-4, which Futurewave and Olympian intend to file jointly with the SEC. That document will include a proxy statement/prospectus and, once declared effective, will be mailed to Futurewave shareholders of record. No filing date is given.

Futurewave will also file a Current Report on Form 8-K with the Merger Agreement. That filing, available at www.sec.gov, will provide the full deal terms.

Investors watching the shares should track the $12.50 level named in the lock-up trigger, since it is the only price threshold the report provides. The shareholder vote on the transaction and the receipt of regulatory approvals are the two events that determine whether the deal closes. Neither has a scheduled date in the report.

Frequently Asked Questions

What does the Futurewave-Olympian merger mean for retail investors?

Retail investors in Futurewave hold units, ordinary shares, warrants or rights under the tickers FWACU, FWAC, FWACW and FWACR. At the Reincorporation Merger, each unit splits into one share, one warrant and one right. Each right converts into one-fourth of a Class A share at closing. The report does not state redemption rights or trust terms, so those details are not yet available to retail holders.

What happens next for the combined company?

The parties intend to jointly file a registration statement on Form F-4 with the SEC, which will include a proxy statement/prospectus for a Futurewave shareholder vote. Futurewave will also file a Form 8-K containing the Merger Agreement. Closing is subject to customary conditions, including regulatory and shareholder approvals. The report gives no closing date, so timing remains undisclosed.

Why are there two classes of shares in the deal?

Olympian's key founders receive Purchaser Class B ordinary shares, while other Olympian shareholders receive Class A shares. Class B shares carry ten votes each and convert into Class A shares at the holder's option; Class A shares carry one vote each. This dual-class design concentrates voting power with founders. A lock-up applies to founder shares until six months after closing or a $12.50 price trigger.

Bottom Line

Futurewave and Olympian signed a $400 million merger that would take the Hong Kong chip-solutions provider public on Nasdaq, pending shareholder and regulatory approval.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.