Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 717

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 5
Chunk 717
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12-month period (the
         “Event”)) from the closing of the Initial Public Offering to consummate a Business
         Combination. However, if the Company anticipates that it may not be able to consummate
         a Business Combination within 12 months (or 15 months if the Event occurs), the Company
         may, but is not obligated to, extend the period of time to consummate a Business Combination
         by an additional month up to 9 times (for a total of up to 21 or 24 months to complete
         a Business Combination depending on occurrence of the Event) (the “Combination Period”).
         In order to extend the time available for the Company to consummate a Business Combination,
         the initial shareholders or their affiliates or designees must deposit into the Trust
         Account $200,000 (approximately $0.033 per public share in either case), up to an aggregate of $1,800,000,
         or $0.30 per public share, on or prior to the date of the applicable deadline, for each one
         month extension. Any funds which may be provided to extend the time frame will be
         in the form of a loan to the Company from the Sponsor. The terms of any such loan
         have not been definitely negotiated, provided, however, any loan will be interest
         free and will be repayable only if the Company completes a Business Combination.
       
      On October 21, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”)
         with Great Rich Technologies Limited, a public limited company incorporated under
         the laws of Hong Kong (“GRT”), and GRT Merger Star Limited, a Cayman Islands company limited by shares and a
         wholly-owned subsidiary of GRT (“Merger Sub”). Pursuant to the Merger Agreement, among other things, the Company will merge with
         and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving entity and a wholly-owned subsidiary
         of GRT (the “Surviving Company”).
       
      At the Effective Time, by virtue of the Merger and without any action of the part
         of the Company, Merger Sub or any other Person:
       
      (i) each of the Company’s ordinary shares (the “Company Shares”) issued and outstanding immediately prior to the Effective Time, excluding the Excluded
         Shares and Dissenting Shares