Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 51

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 business combination of the Company (a “Company Right”) that is
outstanding immediately prior to the Effective Time will be cancelled, extinguished and exchanged for the right to receive, immediately
upon the consummation of the Merger, Parent Ordinary Shares, payable in Parent ADSs, in an amount equal to (in each case, as rounded down
to the nearest whole number) the product of (a) the Per Share Merger Consideration, multiplied by (b) the number of Company
Shares that the holder of the cancelled Company Right (the “Company Rights Holder”) would have been entitled
to receive from the Company assuming satisfaction of the terms and conditions of such Company Right, multiplied by (c) the ADS exchange
rate of rate of one (1) Parent Ordinary Share per one (1) Parent ADS (the “ADS Exchange Rate”) (the “Rights
Merger Consideration”).

    7

The aggregate consideration payable to
pursuant to the GRT Merger Agreement to the shareholders of the Company (“Company Shareholders”) entitled
thereto shall consist of that number of Parent Ordinary Shares payable in Parent ADSs that is equal to (i) the Per Share Merger
Consideration multiplied by the number of Company Shares registered in the name of those Company Shareholders immediately prior to
the Effective Time, multiplied by the ADS Exchange Rate, plus (ii) the Rights Merger Consideration, as described above.

On February 28, 2025, the Company, GRT and Merger
Sub entered into the first amendment to the GRT Merger Agreement (the “First Amendment”) solely to amend Section 10.01 of
the GRT Merger Agreement to extend the Outside Date defined thereunder from February 28, 2025 to August 28, 2025.

On April 18, 2025, pursuant to the GRT Merger
Agreement, the parties to the GRT Merger Agreement entered into a Mutual Termination Agreement (the “Termination Agreement”)
to terminate the GRT Merger Agreement.

On April 18, 2025, the Company entered into an
Agreement and Plan of Merger (the “GFT Merger Agreement”) with Great Future Technology Inc., a Cayman Islands
exempted company limited by shares (“PubCo” or “Parent”) and GFT Merger Sub Limited, a Cayman Islands
exempted company limited by shares and a wholly-owned subsidiary of