Company: FSHPU
Filing Date: 2025-11-12
Form Type: DEF 14A
Source: 0001829126-25-009060
Chunk: 18

Company: Flag Ship Acquisition Corp
Filing Date: 2025-11-12
Form: DEF 14A
Chunk 18
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 | recruiting, reviewing and nominating candidates for election to the Board or to fill 
 vacancies on the Board;                                                              |

| ● | developing the criteria and qualifications for membership on the Board; |

| ● | reviewing candidates proposed by shareholders, and conducting appropriate inquiries 
 into the background and qualifications of any such candidates; and                  |

| ● | monitoring and making recommendations regarding committee functions, contributions, 
 and composition.                                                                    |

Code of Ethics and Committee Charters

We have adopted a Code of Ethics applicable to our directors, officers and employees in
accordance with applicable federal securities laws. We have filed a copy of our Code
of Ethics, our Audit Committee Charter, our Compensation Committee Charter and our
Nominating Committee Charter as exhibits to our registration statement for our IPO.
You may review these documents by accessing our public filings at the SEC’s web site
at www.sec.gov. We intend to disclose any amendments to or waivers of certain provisions
of our Code of Ethics in a Current Report on Form 8-K.

<div align='center'>14

REPORT OF THE AUDIT COMMITTEE</div>

The members of the Audit Committee have been appointed by the Board. The Audit Committee
consists solely of independent directors, as defined by NASDAQ standards. The Audit Committee operates under a written charter to assure continued compliance
with SEC and NASDAQ standards enacted in response to requirements of the Sarbanes-Oxley Act.

The Audit Committee assists the Board in monitoring the integrity of our financial
statements, the independent registered public accounting firm’s qualifications and
independence, the performance of the independent registered public accounting firm,
and our compliance with legal and regulatory requirements. Management is responsible
for our internal controls and the financial reporting process. The independent registered
public accounting firm is responsible for performing an independent audit of our financial
statements in accordance with generally accepted auditing standards and for issuing
a report on those financial statements. The Audit Committee monitors and oversees
these processes.

In this context, the Audit Committee has reviewed and discussed the audited financial
statements for the year ended December 31, 2024 with management and with MaloneBailey, LLP, our independent registered public accounting firm. The Audit Committee has discussed
with MaloneBailey, LLP the matters required to be discussed by Statement on Auditing Standards No. 61, as
amended (Communications with Audit Committees) as adopted by The Public Company Accounting
Oversight Board in Rule 3200T, which includes, among other items, matters related