Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 875

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7A
Chunk 875
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16(a) forms filed by such reporting persons.

Based solely on our review of such forms furnished to us and written representations from certain reporting persons, we believe that, during the fiscal year ended December 31, 2024, our directors, executive officers, and ten percent shareholders complied with all Section 16(a) filing requirements,

Item 13. Certain Relationships, and Related Transactions and Director Independence

Certain Relationships and Related Transactions

On February 20, 2021, our sponsor purchased 1,150,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.02 per share. On September 23, 2021, the Company purchased back all the 1,150,000 founder shares for $25,000 and reissued 2,875,000 shares to our sponsor for $25,000, or approximately $0.01 per shares. On November 29, 2022, our sponsor surrendered 1,150,000 shares for no consideration. Prior to the initial investment in the company of $25,000 by our sponsor, the company had no assets, tangible or intangible.

85

Our sponsor purchased an aggregate of 238,000 private placement units at a price of $10.00 per unit in a private placement that was completed simultaneously with the closing of our initial public offering. Each unit consists of one private placement share and one private placement right. Each private placement right will be converted to one tenth (1/10) of one ordinary share upon the completion of its initial business combination. The private placement units (including the underlying securities) may not, subject to certain limited exceptions, be transferred, assigned or sold by it until 30 days after the completion of our initial business combination.

In
connection with the completion of our initial public offering, we entered into an Administrative Services Agreement with our sponsor
pursuant to which we will pay a total of $10,000 per month for office space, administrative and support services to such affiliate. Upon
completion of our initial business combination or our liquidation, we will cease paying these monthly fees. Accordingly, in the event
the consummation of our initial business combination takes the maximum 21 or 24 months, our sponsor will be paid a total of $210,000
or $240,000 ($10,000 per month) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket
expenses.

Our
sponsor, officers and directors