Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 613

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 613
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1,725,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

On January 28, 2021, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000 (the “Promissory Note”). On December 2, 2022, the Company and the Sponsor mutually agreed to increase the principal amount up to $500,000. On December 29, 2023, the Company amended and restated the Promissory Note. The Promissory Note bears no interest and is repayable in full upon earlier of consummation of an initial public offering of our securities or December 31, 2024. The loan under the promissory note was paid off on June 20, 2024. The issuance of the Promissory Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

On August 30,
2024, the Company issued the 2024 Note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount
of $1,000,000. The 2024 Note bears no interest and is repayable in full upon the earlier of consummation of the initial business
combination of the Company or December 31, 2025. The issuance of the 2024 Note was made pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

Pursuant to the terms of our memorandum and articles of association and the trust agreement entered into between us and Wilmington Trust, National Association and Vstock Transfer LLC in connection with our IPO, in order for the time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $230,000 ($0.033 per public share) on or prior to the date of the applicable deadline.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements