Fortune Favor Technology agrees merger with Quantumsphere Acquisition

Fortune Favor Technology Inc. Announces Entering Into An Agreement And Plan Of Merger With Quantumsphere Acquisition Corporation QUMS

VANCOUVER, British Columbia and NEW YORK, Oct. 09, 2026 (GLOBE NEWSWIRE) -- Fortune Favor Technology Inc., a Cayman Islands exempted company ("Fortune Favor" or the "Company"), announced today that it has entered into an Agreement and Plan of Merger (the "Agreement") with Quantumsphere Acquisition Corporation (Nasdaq: QUMS, QUMSR, QUMSU) ("Quantumsphere"), a Cayman Islands exempted company and special purpose acquisition company, Fortune Favor Global Group Inc., a Cayman Islands exempted company and wholly owned subsidiary of Quantumsphere (the "Purchaser"), and QUMS Merger Sub Ltd, a Cayman Islands exempted company and wholly owned subsidiary of the Purchaser (the "Merger Sub"), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of the Purchaser, and Quantumsphere will merge with and into the Purchaser, with the Purchaser surviving as the publicly traded company (the "Proposed Transaction"). Fortune Favor Technology Inc., through its subsidiaries, is principally engaged in providing technology consulting services and comprehensive solutions for medical cold-chain transportation. Its services cover design, sourcing, supply chain, and application support for the handling and delivery of temperature-sensitive products. Mr. Ping Zhang, Chairman/CEO of Quantumsphere, said, "The merger reflects our commitment to partnering with a company that combines operational execution, scalable sourcing capabilities, and strong customer relationships. We believe Fortune Favor is well positioned to capitalize on attractive market opportunities, and that this proposed transaction will provide the resources, public market access, and strategic flexibility needed to support its next phase of growth." Transaction Overview Pursuant to the Agreement, Quantumsphere will merge with and into Purchaser, its wholly owned subsidiary, with Purchaser surviving the merger and becoming the publicly listed company, and Merger Sub, a wholly owned subsidiary of Purchaser, will merge with and into Fortune Favor, with Fortune Favor surviving as a wholly owned subsidiary of Purchaser, in each case subject to the terms and conditions of the Agreement. The Proposed Transaction implies a pre-money equity value of approximately $600 million for the Company. Additional information regarding transaction proceeds, sources and uses of funds, and pro forma ownership will be included in the registration statement and other transaction-related materials to be filed in connection with the Proposed Transaction. The parties may also cooperate in connection with any additional financing arrangements sought in connection with the Proposed Transaction. The Proposed Transaction, which has been approved by the boards of directors of both Quantumsphere and Fortune Favor, is subject to regulatory approvals, the approvals by the shareholders of Quantumsphere and Fortune Favor, respectively, and the satisfaction of certain other cu