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

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 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 GFT (“Merger Sub”). The GFT Merger Agreement replaces
and supersedes the GRT Merger Agreement described above. Pursuant to the GFT 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 PubCo. At the effective time of the merger, (i) each of the Company Shares issued and outstanding immediately prior to the
Effective Time, excluding the Excluded Shares and Dissenting Shares, if any, will be automatically cancelled, extinguished and exchanged
for the right to receive, immediately upon consummation the merger, one (1) Class A ordinary share of PubCo (such shares of PubCo, collectively,
“PubCo Class A Ordinary Shares”) for each such Company Share (the “Per Share Merger Consideration”);
and (ii) each right to receive one-tenth (1/10th) of a Company Share at the consummation of a 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 consumm