Company: FSHPU
Filing Date: 2025-08-27
Form Type: 8-K
Source: 0001829126-25-006779
Chunk: 0

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-27
Form: 8-K
Item: Item 2.03
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Item 2.03.      Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant  

Promissory Note

On August 30, 2024, Flag Ship Acquisition Corporation
(the “ Company”) issued an unsecured promissory note (the “ Original Note”) in the principal amount of up to $1,000,000
to Whale Management Corporation (“ Whale”). The Original Note did not bear any interest and had a maturity date of the earlier
of: (i) December 31, 2025 or (ii) the date on which the Company consummates its initial business combination. The Original Note was subject to
customary events of default, the occurrence of certain of which would entitle Whale to declare, by written notice to Company, the unpaid principal
balance of the Original Note and all other sums payable with regard to the Original Note becoming immediately due and payable.

On August 21, 2025, the Company and Whale agreed
to amend and restate the Original Note to solely raise the principal balance from $1,000,000 to $1,200,000 (the “ Amended Note”).
Other than the increased principal amount, the Amended Note has the same terms as the Original Note.

The issuance of the Amended Note was made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

A copy of the Amended
Note is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The disclosure set
forth in this Item 2.03 is intended to be a summary only and is qualified in its entirety by reference to the Amended Note.