Company: FSHPU
Filing Date: 2025-08-05
Form Type: DEF 14A
Source: 0001829126-25-005812
Chunk: 11

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-05
Form: DEF 14A
Chunk 11
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 to consummate the initial business combination is contingent upon the Sponsor
depositing the required amount of funds for each monthly extension ($0.033 per Public Share). If the Extension Fee Reduction Proposal
is not approved and the Sponsor does not agree to implement any additional Monthly Extensions and we do not consummate a business combination
by September 20, 2025, as contemplated by our IPO prospectus and in accordance with our Amended Articles, we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the
Public Shares or distribute the Trust Account to the holders of the Public Shares, on a pro rata basis, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account established by the Company upon the consummation of the IPO
and into which certain amount of the net proceeds of the IPO, together with certain of the proceeds of a private placement of units simultaneously
with the closing date of the IPO (the “Private Placement”, such units the “Private Placement Units”, the Private
Placement Units collectively with the Public Units the “units”), was deposited, including interest earned on the funds held
in the Trust Account and not previously released to us to pay our taxes (less up to $50,000 of interest to pay dissolution expenses and
net of taxes payable), divided by the number of the then outstanding Public Shares, which redemption will completely extinguish the rights
of the holders of Public Shares (the “Public Shareholders”) as shareholders (including the right to receive further liquidation
distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our Board, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims
of creditors and to the other requirements of applicable law.

There will be no redemption rights or liquidating distributions with respect to our rights, each of which will automatically convert into one-tenth of one ordinary share upon consummation of a business combination (“rights”), which rights will expire worthless in the event of our winding up. In the event of a liquidation, holders of our Ordinary Shares issued prior to the IPO (the “Founder Shares”, and such Founder Shares collectively with the Public Shares the “ordinary shares” or “shares”), will not receive any monies held in the Trust Account as a