Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 779

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 6
Chunk 779
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 and Restated Memorandum and Articles
         of Association relating to shareholders’ rights of pre-Business Combination activity and (d) that the Founder Shares and Private
         Shares shall not participate in any liquidating distributions upon winding up if a
         Business Combination is not consummated. However, the initial shareholders will be
         entitled to liquidating distributions from the Trust Account with respect to any Public
         Shares purchased during or after the Public Offering if the Company fails to complete
         its Business Combination.
       
      The Company will have until 12 months (or 15 months if the Company enters into a business
         combination agreement prior to the expiration of the initial 12-month period (the
         “Event”)) from the closing of the Initial Public Offering to consummate a Business
         Combination. However, if the Company anticipates that it may not be able to consummate
         a Business Combination within 12 months (or 15 months if the Event occurs), the Company
         may, but is not obligated to, extend the period of time to consummate a Business Combination
         by an additional month up to 9 times (for a total of up to 21 or 24 months to complete
         a Business Combination depending on occurrence of the Event) (the “Combination Period”).
         In order to extend the time available for the Company to consummate a Business Combination,
         the initial shareholders or their affiliates or designees must deposit into the Trust
         Account $200,000 (approximately $0.033 per public share in either case), up to an aggregate of $1,800,000,
         or $0.30 per public share, on or prior to the date of the applicable deadline, for each one
         month extension. Any funds which may be provided to extend the time frame will be
         in the form of a loan to the Company from the Sponsor. The terms of any such loan
         have not been definitely negotiated, provided, however, any loan will be interest
         free and will be repayable only if the Company completes a Business Combination.
       
      On October 21, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”)
         with Great Rich Technologies Limited, a public limited company incorporated under
         the laws of Hong Kong (“GRT”), and GRT Merger Star Limited, a Cayman Islands company limited by shares and a
         wholly-owned subsidiary of G