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Massimo Group Signs Letter of Intent to Acquire 100% of AI technology company FST in Drive to Accelerate Its AI-Powered Mobility and Health Technology Strategy
Massimo Group (NASDAQ: MAMO) ("Massimo" or the "Company"), a leading U.S. manufacturer and distributor of powersports vehicles and electric mobility solutions, today announced that it has entered into a non-binding Letter of Intent ("LOI") to acquire 100% of the equity interests of FST Development Company Limited ("FST"), a technology company specializing in intelligent hardware and AI-driven system-level solutions.
About this update from Massimo Group
[{"type":"text","content":"GARLAND, Texas, Feb. 3, 2026 /PRNewswire/ -- Massimo Group (NASDAQ: MAMO) ("Massimo" or the "Company"), a leading U.S. manufacturer and distributor of powersports vehicles and electric mobility solutions, today announced that it has entered into a non-binding Letter of Intent ("LOI") to acquire 100% of the equity interests of FST Development Company Limited ("FST"), a technology company specializing in intelligent hardware and AI-driven system-level solutions.","length":504,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Massimo Group)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Massimo Group)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":118,"url":"https://media.zenfs.com/en/prnewswire.com/cfa51a15a46b37d02b91b96ed5c3ccd6"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/VTuLZkp082g8pmoETDp1wA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTIwODtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/cfa51a15a46b37d02b91b96ed5c3ccd6","width":400,"height":118}},"href":"https://mma.prnewswire.com/media/2376863/Massimo_Group_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The proposed transaction represents a major strategic milestone for Massimo, positioning the Company at the convergence of two rapidly expanding global trends: AI-enabled outdoor mobility and next-generation digital health robotics.","length":232,"tagName":"p","attribs":{}},{"type":"text","content":"Transaction Overview","length":20,"tagName":"p","attribs":{}},{"type":"text","content":"Under the terms outlined in the LOI:","length":36,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"FST is valued at a pre-money equity valuation of approximately US$38 million to US$50 million, reflecting its proprietary technology, integrated hardware-software capabilities, and growth potential;","length":198,"tagName":"p"}]},{"val":[{"type":"text","content":"Massimo intends to acquire 100% of FST's equity interests for total purchase consideration ranging from approximately US$27 million to US$35 million;","length":153,"tagName":"p"}]},{"val":[{"type":"text","content":"The purchase consideration may be satisfied through the issuance of Massimo common stock, payment of cash of equivalent value, or a combination of both, as to be agre...