Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 609

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 609
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 set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Special Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Annual Report on Form 10-K.

Overview

We are a blank check company incorporated in the Cayman Islands on May 14, 2018 formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses. We intend to effectuate our Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Units, our shares, debt or a combination of cash, shares and debt.

We expect to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

Proposed GRT Business Combination

On October 21, 2024,
we entered the Merger Agreement for the Proposed GRT Business Combination with GRT and Merger Sub. On February 28, 2025, the parties to
the Merger Agreement entered into the First Amendment to amend Section 10.01 of the Merger Agreement to extend the Outside Date defined
thereunder from February 28, 2025 to August 28, 2025.

The Merger Agreement may
be terminated under certain circumstances at any time prior to the Effective Time, including, among others, by (i) mutual written consent
by us and GRT, (ii) either party if the transactions contemplated by the Merger Agreement have not been completed by the Outside Date,
(iii) either party if any representation or warranty of the opposing party is not materially true and correct or if the opposing party
fails to perform in any material respect any covenant or agreement, subject to a 30-day cure period and other exceptions, and (iv) either
party if the other party’s board of directors withdraws or changes its recommendation that its respective shareholders vote in favor
of the proposals agreed upon, or if either party’s shareholders do not approve all the required proposals at the respective shareholder
meetings of either party (or at any adjournment or postponement thereof). See “Item 1. Business—Proposed GRT Business Combination”
for details.

Results of Operations

Our entire activity from
inception up to June 20, 2024 was in preparation for the Initial