Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 625

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 625
---
 in its entirety by the terms and conditions of the Clawback Policy, a copy of which is attached
hereto as Exhibit 97.1 and is incorporated herein by reference.

83

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The following table sets forth information regarding the beneficial ownership of our ordinary shares as of March 3, 2025, based on information obtained from the persons named below, with respect to the beneficial ownership of our ordinary shares, by:

    ●
    each person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary shares; 

    ●
    each of our officers, directors and director nominees that beneficially own ordinary shares; and 

    ●
    all our officers, directors and director nominees as a group. 

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all ordinary shares beneficially owned by them.

In the table below, the percentage
ownership is based on 8,863,000 ordinary shares (which includes ordinary shares that are underlying the units) issued and outstanding
as of March 3, 2025. The following table does not reflect record of beneficial ownership of any ordinary shares issuable upon conversion
of rights as the rights are not convertible within 60 days of this Report.

    Name and Address of Beneficial Owner(1)

        Amount
        andNature ofBeneficial
        Ownership(3)

    Approximate Percentage of Outstanding Ordinary Shares(3)

    Sponsor, directors and officers

    Whale Management Corporation(2)

    1,963,000

    22.15
    %
  
    Matthew Chen(2)

    1,963,000

    22.15
    %
  
    Luhuan Zhong(3)

    -

    -

    Pai Liu(3)

    -

    -

    Shan Cui(3)

    -

    -

    Wen He(3)

    -

    -

    All directors and officers as a group (five individuals)

    1,963,000

    22.15
    %

    Other 5% or greater beneficial owners

    TD Securities (USA) LLC(4)

    577,270

    6.5
    %
  
    Mizuho Financial Group, Inc.(5)

    657,500

    7.4
    %