Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 164

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 164
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 AND BUSINESS BACKGROUND
       
      Flag Ship Acquisition Corporation (the “Company”) is a blank check incorporated company
         incorporated in the Cayman Islands on May 14, 2018. The Company was formed for the purpose of effecting a merger, share exchange,
         asset acquisition, stock purchase, reorganization or similar business combination
         with one or more businesses (“Business Combination”).
       
      Although the Company is not limited to a particular industry or geographic region
         for purposes of consummating a Business Combination, the Company intends to focus
         on businesses that have a connection to the Asian market. The Company is an early
         stage and emerging growth company and, as such, the Company is subject to all of the
         risks associated with early stage and emerging growth companies.
       
      As of December 31, 2024, the Company had not yet commenced any operations. All activities through December 31, 2024 relate to the Company’s formation and the initial public offering (the “Initial Public Offering”). Since
         the Initial Public Offering, the Company’s activity has been limited to the evaluation of business combination candidates.
         The Company will not generate any operating revenues until after the completion of
         a Business Combination, at the earliest. The Company will generate non-operating income
         in the form of dividend and interest income from the investments held in trust account. The Company has selected December 31 as its fiscal year end.
       
      Financing
       
      The registration statement for the Company’s Initial Public Offering was declared effective on June 17, 2024. On June 20, 2024, the Company consummated the Initial Public Offering of 6,900,000 units (the “Public Units”), which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option,
         at $10.00 per Public Unit, generating gross proceeds of $69,000,000 to the Company. Each Public Unit consists of one ordinary share and one right (“Public
         Rights”). Each whole Public Right will entitle the holder to receive one-tenth (1/10)
         ordinary share upon consummation of initial business combination.
       
      Simultaneously with the closing of the Initial Public Offering, the Company consummated
         the sale of 238,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to Whale