Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 3

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 3
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 Merger Sub
will cause a plan of merger (the “Plan of Merger”) approved by the directors of each such entity consistent with the Merger
Agreement, and in the form and containing such other documents as may be required by the Cayman Companies Act (the “Merger Documents”)
to be executed and then filed for registration by the Cayman Registrar. The Merger will become effective at such time as the Plan of Merger
is registered by the Cayman Registrar, or at such other time subsequent thereto, but not exceeding 90 days from the date of registration,
as mutually agreed between Merger Sub and the Company and specified in the Plan of Merger (the “Effective Time”).

At the Effective Time, by virtue of the Merger and without any action of the part of the Company, Merger Sub or any other Person:

(i) each of the Company’s
ordinary shares (the “Company Shares”) issued and outstanding immediately prior to the Effective Time, excluding the Excluded
Shares and Dissenting Shares (each, as defined below), if any, will be automatically cancelled, extinguished and exchanged for the right
to receive, immediately upon consummation the Merger, one (1) ordinary share of GRT (such shares of GRT, collectively, “Parent Ordinary
Shares”) payable in American Depositary Shares of GRT (“Parent ADSs”) 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 consummation of the Merger, Parent Ordinary Shares, payable in Parent ADSs,
in an amount equal to (in each case, as rounded down to the nearest whole number) the product of (a) the Per Share Merger Consideration,
multiplied by (b) the number of Company Shares that the holder of the cancelled Company Right (the “Company Rights Holder”)
would have been entitled to receive from the Company assuming satisfaction of the terms and conditions of such Company Right, multiplied
by (c) the ADS exchange rate of rate of one (1) Parent Ordinary Share per one (1) Parent ADS (the “ADS Exchange Rate”) (the
“Rights Merger Consideration”