Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 88

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 2
Chunk 88
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 claims of our creditors, if any, which could have priority over the claims of our public
shareholders.

20

We will provide our public shareholders with the
opportunity to redeem all or a portion of their ordinary shares upon the completion of our initial business combination either (i) in
connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer. The decision as to
whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our
discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would
require us to seek shareholder approval under the law or stock exchange listing requirement. The amount in the Trust Account is initially
anticipated to be $10.00 per public share (subject to increase of up to an additional $0.30 per public share in the event that the Sponsor
elects to extend the period of time to consummate a business combination). The per-share amount we will distribute to investors who properly
redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. There will be no redemption
rights upon the completion of our initial business combination with respect to our rights. The Sponsor, officers and directors have entered
into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares,
private placement shares and any public shares they may acquire during or after our IPO in connection with the completion of our initial
business combination.

We will have up to 21 months, or 24 months if
the Event occurs, from the closing of the IPO to complete our initial business combination if we extend the period of time to consummate
a business combination, which may be accomplished only if the Sponsor deposits additional 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