Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 165

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 165
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 Management Corporation
         (the “Sponsor”), generating gross proceeds of $2,380,000 to the Company. Each Private Placement Unit consists of one Private Placement Share
         and one right (“Private Placement Right”). Each Private Placement Right will entitle
         the holder to receive one-tenth (1/10) ordinary share upon consummation of the initial
         business combination.
       
      Transaction costs amounted to $3,448,233, consisting of $1,380,000 of underwriting commissions, $1,725,000 of deferred underwriting commissions and $343,233 of other offering costs.
       
      Trust Account
       
      The aggregate amount of $69,000,000 ($10.00 per Public Unit) held in a trust account (“Trust Account”) established for the benefit
         of the Company’s public shareholders and maintained by Wilmington Trust National Association, acting
         as trustee, will be invested only in U.S. government treasury bills, with a maturity
         of 185 days or less or in money market funds investing solely in U.S. Treasuries and
         meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company
         Act”). Except with respect to interest earned on the funds held in the Trust Account
         that may be released to the Company to pay its taxes, if any, the funds in the Trust
         Account will not be released until the earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of any 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 the Company’s obligation to redeem 100% of its public shares if the Company does not complete
         its initial Business Combination within 12 months from the closing of the Initial
         Public Offering (or 15 months if the Company enters into a business combination agreement
         prior to the expiration of the initial 12-month period (the “Event”)) from the closing
         of the Initial Public Offering 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 all of the
         Company’s public shares if the Company is unable to complete its initial Business Combination
         within nine months from