Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 31

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 funds into the Trust Account. The Sponsor may
extend the deadline for completion of an initial business combination up to nine (9) times, each by an additional one month until June
20, 2026, subject to the Sponsor and/or its designee depositing additional funds into the Trust Account with a monthly extension fee (the
“Monthly Extension Fee”) of $230,000 (equivalent to $0.033 per public share). If we are unable to consummate our initial
business combination within the Prescribed Time Frame, we will, as promptly as reasonably possible but not more than ten business days
thereafter, redeem the public shares for a pro rata portion of the funds held in the Trust Account and as promptly as reasonably possible
following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
In such event, the rights will be worthless.

Proposed GFT Business Combination

On April 18, 2025, we entered into an Agreement
and Plan of Merger (the “GFT Merger Agreement”) with Great Future Technology Inc., a Cayman Islands exempted company limited
by shares (“GFT”) and GFT Merger Sub Limited, a Cayman Islands exempted company limited by shares and a wholly-owned subsidiary
of GFT (“Merger Sub”). GFT is a holding company that, through multiple layers, including Great Rich Technologies Limited,
conducts its operations through its subsidiaries located in mainland China. The GFT Merger Agreement replaces and supersedes the GRT Merger
Agreement described below. Pursuant to the GFT Merger Agreement, among other things, we will merge with and into Merger Sub (the “Merger”),
with Merger Sub continuing as the surviving entity and a wholly-owned subsidiary of GFT.

At the effective time of the Merger, by virtue
of the Merger and without any action on the part of the Flag Ship, Merger Sub or any other person: (i) each of our ordinary shares
(the “Company Shares”) issued and outstanding immediately prior to the effective time, will be automatically cancelled, extinguished
and exchanged for the right to receive, immediately upon consummation the Merger, one (1) Class A ordinary share of GFT (the “GFT
Class A Shares”) for each