Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 29

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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GAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated in the
Cayman Islands on May 14, 2018 formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses (the “Business Combination”).

We intend to effectuate our Business Combination
using cash derived from the proceeds of our initial public offering and the sale of the private units, our shares, debt or a combination
of cash, shares and debt. We expect to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our
plans to complete a Business Combination will be successful.

We completed our initial public offering (the “IPO”) in June 2024. Upon the closing of the IPO and exercise of the over-allotment
option by underwriters as well as the sale of the private placement units, a total of $69,000,000, including $1,725,000 of deferred underwriting
commissions and after deducting of the other underwriting commissions and expenses for the IPO, was placed in a U.S.-based trust account
(the “Trust Account”) maintained by Wilmington Trust National Association, acting as trustee, and will be invested only in
specified U.S. government treasury bills or in specified money market funds. 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 from the closing of our IPO (or 15 months if
we enter into a business combination agreement within 12 months from the closing of our IPO (the “Event”)) or up to 21 months,
or 24 months if the Event occurs, from the closing