Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 87

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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 LLC in connection
with our IPO, in order for the time available for us to consummate our initial business combination to be extended, our sponsor or its
affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $230,000
($0.033 per public share) on or prior to the date of the applicable deadline.

On August 26, 2025, the Company held an extraordinary
general meeting of shareholders (the “Extraordinary General Meeting”) and obtained approval by ordinary resolution, the reduction
of the monthly fee payable by the Company’s sponsor and/or its designee into the trust account to extend the date by which the Company
must consummate its initial business combination from $0.033 per each outstanding public share (for each monthly extension) to an amount
equal to the lesser of (i) $60,000 for all outstanding public shares and (ii) $0.033 for each outstanding public share. The first
monthly extension fee must be made by September 20, 2025 while each subsequent monthly extension fee must be deposited into the trust
account by the 20th of each succeeding month until June 20, 2026. On each of September 19, 2025, and October 20, 2025, the Company deposited $60,000 respectively into the
Trust Account in order to extend the amount of available time to complete a business combination until November 20, 2025.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the periods reported. Actual results could materially differ from those estimates. A critical accounting estimate to our unaudited financial statements includes the valuation of ordinary shares subject to possible redemption. We have not identified any critical accounting estimates.

Recent Accounting Pronouncements

Our 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 unaudited financial statements.

Off-Balance Sheet Arrangements

As of September 30, 2025, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

JOBS Act

We qualify as an “emerging