Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 4

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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 Combination, at the earliest. The Company will generate non-operating income in the form of dividends and interest
income from the cash and investments held in trust account. The Company has selected December 31 as its fiscal year end.

Financing

The registration statement for the Company’s Initial Public Offering was declared effective on June 17, 2024. On June 20, 2024, the Company consummated the Initial Public Offering of 6,900,000 units (the “Public Units”), which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option, at $10.00 per Public Unit, generating gross proceeds of $69,000,000 to the Company. Each Public Unit consists of one ordinary share and one right (“Public Rights”). Each whole Public Right will entitle the holder to receive one-tenth (1/10) ordinary share upon consummation of initial business combination.

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 238,000
units (the “Private Placement Units”) at a price of $10.00
per Private Placement Unit in a private placement to Whale Management Corporation (the “Sponsor”), generating gross
proceeds of $2,380,000
to the Company (the “Private Placement”). Each Private Placement Unit consists of one Private Placement Share and one right (“Private Placement
Right”). Each Private Placement Right will entitle the holder to receive one-tenth (1/10) ordinary share upon consummation of
the initial business combination.

Transaction costs amounted to $3,448,233, consisting of $1,380,000 of underwriting commissions, $1,725,000 of deferred underwriting commissions and $343,233 of other offering costs.

Trust Account

Following the closing the Initial Public Offering, an amount of $69,000,000 ($10.00 per Public Unit) from the net proceeds of the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (“Trust
Account”) established for the benefit of the Company’s public shareholders and maintained by Wilmington Trust National Association,
acting as trustee. The proceeds held in the Trust Account will be invested only in U.S. government treasury bills, with a maturity of
185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under
the Investment Company Act