Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 476

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 2
Chunk 476
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 Whale Management Corporation, the Company completed the private sale of an aggregate of 238,000 units (the “Private Placement Units”) to the Sponsor at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $2,380,000.

Transaction costs related
to our IPO amounted to $3,448,233, consisting of $1,380,000 of underwriting fees, $1,725,000 of deferred underwriting fees and $343,233
of other offering costs. A total of $69,000,000, comprised of $67,545,000 of the proceeds from the IPO (which amount includes
up to $1,725,000 of the underwriter’s deferred discount) and $1,455,000 of the proceeds of the sale of the Private
Placement Units, was placed in a U.S.-based trust account, established by VStock Transfer LLC, our transfer agent and maintained at Wilmington
Trust, National Association, acting as trustee. Except with respect to interest earned on the funds in the trust account that may be released
to the Company to pay its taxes, the funds held in the trust account will not be released from the trust account until the earliest of
(i) the completion of the Company’s initial business combination, (ii) the redemption of any of the Company’s public shares
properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association
to (A) modify the substance or timing of its obligation to redeem 100% of the Company’s public shares if it does not complete its
initial business combination within 12 months or 15 months from the closing of the IPO (or up to 21 months or 24 months from the closing
of the IPO if we extend the period of time to consummate a business combination), 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 12 months or 15 months from the closing of the IPO (or up to 21 months or
24 months from the closing of the IPO if we extend the period of time to consummate a business combination.

For the year ended December 31,
2024, net cash generated from the IPO and private placement units and held outside of the trust was used in operating activities was $874,859.