Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 663

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 663
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 the title and position of the CODM
         and an explanation of how the CODM uses the reported measure(s) of segment profit
         or loss in assessing segment performance and deciding how to allocate resources. Public
         entities will be required to provide all annual disclosures currently required by
         Topic 280 in interim periods, and entities with a single reportable segment are required
         to provide all the disclosures required by the amendments in this ASU and existing
         segment disclosures in Topic 280. This ASU is effective for fiscal years beginning
         after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.
       
      Management does not believe that any recently issued, but not yet effective, accounting
         pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

    F-15

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

NOTE 3 – INITIAL PUBLIC OFFERING
       
      On June 20, 2024, the Company sold 6,900,000 Public Units, which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option,
         at a purchase price of $10.00 per Public Unit. Each Unit consists of one ordinary share and one Public Right. Each
         whole Public Right entitles the holder to receive one-tenth (1/10) ordinary share
         upon consummation of initial business combination.
       
      All of the 6,900,000 public shares sold as part of the Public Units in the Initial Public Offering contain
         a redemption feature which allows for the redemption of such public shares if there
         is a shareholder vote or tender offer in connection with the Business Combination
         and in connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association, or in connection with
         the Company’s liquidation. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99,
         redemption provisions not solely within the control of the Company require ordinary
         shares subject to redemption to be classified outside of permanent equity.
       
      The Company’s redeemable ordinary share is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99.