Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 474

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 2
Chunk 474
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We currently maintain our executive offices at 26 Broadway, Suite 934, New York, New York 10004. The cost for this space is included in the $10,000 per month fee that we will pay our sponsor for office space, administrative and support services. We consider our current office space adequate for our current operations.

Item 3. Legal Proceedings

As of December 31, 2024, there is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such.

Item 4. Mine Safety Disclosures

Not Applicable

71

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our units are currently traded on The Nasdaq Global Market under the symbol “FSHPU” and started trading on The Nasdaq Global Market on June 18, 2024. The ordinary shares and rights began separate trading on August 15, 2024, under the symbols “FSHP” and “FSHPR” respectively.

Shareholders of Record

At December 31, 2024 there were 7,138,000 of our units issued
and outstanding by shareholders of record. Assuming all units have been separated into ordinary shares and rights, at December 31,
2024, there were 8,863,000 ordinary shares issued and outstanding held by two shareholders of record, and there were 7,138,000 of
our rights issued and outstanding and held by two shareholders of record. The number of record holders was determined from the records
of our transfer agent and does not include beneficial owners of any of our securities whose securities are held in the names of various
security brokers, dealers, and registered clearing agencies.

Dividends

We have not paid any cash dividends on our shares of ordinary shares to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will be, subject to the laws of the Cayman Islands, within the discretion of our board of directors at such time. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our