Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 668

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 668
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0.001 par value. Holders of the Company’s ordinary shares are entitled to one vote for each share. As of December 31, 2024 and December 31, 2023, there were 1,963,000 and 1,725,000 ordinary shares issued and outstanding, excluding 6,900,000 and 0 ordinary shares subject to possible redemption, respectively.
       
      Rights
       
      Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation
         of a Business Combination, even if the holder of such right redeemed all shares held
         by it in connection with a Business Combination. No fractional shares will be issued
         upon exchange of the rights. No additional consideration will be required to be paid
         by a holder of rights in order to receive its additional shares upon consummation
         of a Business Combination as the consideration related thereto has been included in
         the Unit purchase price paid for by investors in the Proposed Offering. If the Company
         enters into a definitive agreement for a Business Combination in which the Company
         will not be the surviving entity, the definitive agreement will provide for the holders
         of rights to receive the same per share consideration the holders of the ordinary
         shares will receive in the transaction on an as-converted into ordinary share basis
         and each holder of a right will be required to affirmatively convert its rights in
         order to receive 1/10 share underlying each right (without paying additional consideration).
         The shares issuable upon exchange of the rights will be freely tradable (except to
         the extent held by affiliates of the Company).
       
      If the Company is unable to complete a Business Combination within the Combination
         Period and the Company liquidates the funds held in the Trust Account, holders of
         rights will not receive any of such funds with respect to their rights, nor will they
         receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights
         will expire worthless. Further, there are no contractual penalties for failure to
         deliver securities to the holders of the rights upon consummation of a Business Combination.
         Additionally, in no event will the Company be required to net cash settle the rights.
         Accordingly, the rights may expire worthless.

NOTE 7 – COMMITMENTS AND CONTINGENCIES
       
      Registration Rights
       
      The holders of the founder