Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 653

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 653
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 Combination
         Period, the Company will (i) cease all operations except for the purpose of winding
         up, (ii) as promptly as reasonably possible but no more than ten business days thereafter,
         redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash,
         equal to the aggregate amount then on deposit in the Trust Account, including interest
         earned (net of taxes payable and less interest to pay dissolution expenses up to $50,000),
         which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions,
         if any), subject to applicable law, and (iii) as promptly as reasonably possible following
         such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation of the Company,
         subject in each case to its obligations to provide for claims of creditors and the
         requirements of applicable law. The underwriters have agreed to waive its rights to
         the deferred underwriting commission held in the Trust Account in the event the Company
         does not complete a Business Combination within the Combination Period and, in such
         event, such amounts will be included with the funds held in the Trust Account that
         will be available to fund the redemption of the Public Shares. In the event of such
         distribution, it is possible that the per share value of the assets remaining available
         for distribution will be less than $10.00 per Unit.
       
      The Sponsor has agreed that it will be liable to the Company, if and to the extent
         any claims by a vendor for services rendered or products sold to the Company, or a
         prospective target business with which the Company has discussed entering into a transaction
         agreement, reduce the amounts in the Trust Account to below $10.00 per share (whether or not the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party
         who executed a waiver of any and all rights to seek access to the Trust Account and
         except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities,
         including liabilities under the Securities Act of 1933, as amended (the “Securities
         Act”). In the event that an executed waiver is deemed to be unenforceable against
         a third party, the sponsor will not be responsible to the extent of any