Company: FSHPU
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001829126-25-005698
Chunk: 23

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 the valuation inputs the Company utilized to determine such fair value.

    Schedule of fair value hierarchy

    June 30, 2025

    Quoted Prices in Active Markets (Level 1)

    Significant Other Observable Inputs (Level 2)

    Significant Other Unobservable Inputs (Level 3)

    Assets

    Cash and investments held in trust account
     
    $
    72,281,179

    $
    72,281,179

    $
    -

    $
    -

    December 31, 2024

    Quoted Prices in Active Markets (Level 1)

    Significant Other Observable Inputs (Level 2)

    Significant Other Unobservable Inputs (Level 3)

    Assets

    Cash and investments held in trust account
     
    $
    70,799,136

    $
    70,799,136

    $
    -

    $
    -

    ●
    Recent accounting pronouncements 

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited financial statements.

NOTE 3 – INITIAL PUBLIC OFFERING

On June 20, 2024, the Company sold 6,900,000 Public Units, which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option, at a purchase price of $10.00 per Public Unit. Each Unit consists of one ordinary share and one Public Right. Each whole Public Right entitles the holder to receive one-tenth (1/10) ordinary share upon consummation of initial business combination.

All of the 6,900,000 public shares sold as part of the Public Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such public shares if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association, or in connection with the Company’s liquidation. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity.

    15

FLAG SHIP ACQUISITION CORPORATION

NOTES TO UNAUDITED FINANCIAL STATEMENTS

The Company’s redeemable ordinary share is subject