Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1190

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9C
Chunk 1190
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 been negotiated.
         If the Company completes a Business Combination, the Company will repay such loaned
         amounts out of the proceeds of the Trust Account released to the Company. If the Company
         does not complete a Business Combination, the Company will not repay such loans. Furthermore,
         the letter agreement with the initial shareholder contains a provision pursuant to
         which the Sponsor has agreed to waive its right to be repaid for such loans in the
         event that the Company does not complete a Business Combination. The Sponsor and its
         affiliates or designees are not obligated to fund the Trust Account to extend the
         time for the Company to complete a Business Combination. There was no extension loan
         as of December 31, 2024.

    F-17

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

NOTE 6 – SHAREHOLDER’S EQUITY
       
      Ordinary shares
       
      The Company is authorized to issue 50,000,000 ordinary shares with $0.001 par value. Holders of the Company’s ordinary shares are entitled to one vote for each share. As of December 31, 2024 and December 31, 2023, there were 1,963,000 and 1,725,000 ordinary shares issued and outstanding, excluding 6,900,000 and 0 ordinary shares subject to possible redemption, respectively.
       
      Rights
       
      Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation
         of a Business Combination, even if the holder of such right redeemed all shares held
         by it in connection with a Business Combination. No fractional shares will be issued
         upon exchange of the rights. No additional consideration will be required to be paid
         by a holder of rights in order to receive its additional shares upon consummation
         of a Business Combination as the consideration related thereto has been included in
         the Unit purchase price paid for by investors in the Proposed Offering. If the Company
         enters into a definitive agreement for a Business Combination in which the Company
         will not be the surviving entity, the definitive agreement will provide for the holders
         of rights to receive the same per share consideration the holders of the ordinary
         shares will receive in the transaction on an as-converted into ordinary share basis
         and each holder of a right will be required to affirmatively convert its rights in