Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 30

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 of the IPO, if we extend the period of time to consummate a business combination in
accordance with our amended and restated memorandum and articles of association, which may be accomplished only if the Sponsor deposits
additional funds into the Trust Account (the “Prescribed Time Frame”), or (B) with respect to any other provision relating
to shareholders’ rights or pre-business combination activity, and (iii) the redemption of the Company’s public shares if
it is unable to complete its initial business combination within the Prescribed Time Frame, subject to applicable law. The proceeds deposited
in the Trust Account could become subject to the 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