Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 9

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
 Pursuant to the Merger Agreement, among other
things, the Company will merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving
entity and a wholly-owned subsidiary of GRT (the “Surviving Company”).

The GRT Merger Agreement provided that at the
effective time of the Merger, by virtue of the Merger and without any action of the part of the Company, Merger Sub or any other Person:

(i) each of the Company’s ordinary
shares (the “Company Shares”) issued and outstanding immediately prior to the Effective Time, excluding the
Excluded Shares and Dissenting Shares (each, as defined below), if any, will be automatically cancelled, extinguished and exchanged for
the right to receive, immediately upon consummation the Merger, one (1) ordinary share of GRT (such shares of GRT, collectively, “Parent
Ordinary Shares”) payable in American Depositary Shares of GRT (“Parent ADSs”) for each such Company
Share (the “Per Share Merger Consideration”); and

(ii) each right to receive one-tenth (1/10th)
of a Company Share at the consummation of a business combination of the Company (a “Company Right”) that is
outstanding immediately prior to the Effective Time will be cancelled, extinguished and exchanged for the right to receive, immediately
upon the consummation of the Merger, Parent Ordinary Shares, payable in Parent ADSs, in an amount equal to (in each case, as rounded down
to the nearest whole number) the product of (a) the Per Share Merger Consideration, multiplied by (b) the number of Company
Shares that the holder of the cancelled Company Right (the “Company Rights Holder”) would have been entitled
to receive from the Company assuming satisfaction of the terms and conditions of such Company Right, multiplied by (c) the ADS exchange
rate of rate of one (1) Parent Ordinary Share per one (1) Parent ADS (the “ADS Exchange Rate”) (the “Rights
Merger Consideration”).

    7

The aggregate consideration payable to
pursuant to the GRT Merger Agreement to the shareholders of the Company (“Company Shareholders”) entitled
thereto shall consist of that number of Parent Ordinary Shares payable in Parent ADSs that is equal to (i) the Per Share Merger
Consideration multiplied by the number of