Massimo Group Signs LOI to Acquire AI Firm FST Development

Massimo Group has entered into a non-binding letter of intent to acquire 100% of FST Development Company Limited, announced in a press release. FST specializes in intelligent hardware and AI-driven system-level solutions.

Under the proposed terms, FST is valued between $38 million and $50 million, with Massimo planning to acquire it for approximately $27 million to $35 million. The purchase may be completed through cash, stock, or a combination of both, with any equity issued subject to a six-month lock-up period and performance-based release conditions.

Massimo expects the acquisition to integrate FST’s AI control platforms, health-technology modules, and middleware into its product lines, including utility terrain vehicles, ATVs, and marine products. The company anticipates that the move will reduce R&D costs, shorten development cycles, and expand into the AI health robotics market.

The letter of intent provides a 60-day exclusivity period for due diligence and negotiations, with final agreements expected by late March 2026, subject to regulatory and board approvals. The LOI remains non-binding, and completion of the acquisition is not guaranteed.