Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 569

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 3
Chunk 569
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    per unit (which, for example, would result in the holders being issued 165,000 ordinary shares if $1,500,000 of notes were so converted
    (including 15,000 shares upon the closing of our initial business combination in respect of 150,000 rights included in such units)
    at the option of the lender.

Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates. 

Director
Independence

The
NASDAQ listing standards require that a majority of our Board of Directors be independent. An “independent director” is defined
generally as a person who has no material relationship with the listed company (either directly or as a partner, shareholder or officer
of an organization that has a relationship with the company). We currently have three “independent directors” as defined
in the NASDAQ listing standards and applicable SEC rules prior to completion of our initial public offering. Our board has determined
that each of Shan Cui, Pai Liu and Wen He are independent directors under applicable SEC and NASDAQ rules.

89

Item 14. Principal Accountant Fees and Services.

The following is a summary of fees paid or to be paid to Marcum Asia CPAs LLP, or Marcum, and MaloneBailey LLP, or MaloneBailey, for services rendered.

Audit Fees. Audit
fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and services that are
normally provided by Marcum in connection with our initial public offering and regulatory filings till July 16, 2024. The aggregate
fees billed by Marcum for professional services rendered for the audit of our annual financial statements, review of the financial information
included in our Forms 8-K and Form S-1 for the respective periods and other required filings with the SEC through July 16, 2024 was
$51,507 in total. The above amounts include interim procedures and audit fees, as well as attendance at audit committee meetings.

MaloneBailey has served as
the independent registered public accounting firm for the fiscal year ended December 31, 2024 and the accounting fees such period
were $133,928. Such fees related to audit services provided by MaloneBailey.

Audit-Related Fees. Audit-related services consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are not reported under “Audit