Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 225

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1A
Chunk 225
---
 any redemption or liquidation is substantially reduced or eliminated), may be amended if approved by holders of at least two-thirds of our ordinary shares who attend and vote in a general meeting, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our ordinary shares. We may not issue additional securities that can vote on amendments to our amended and restated memorandum and articles of association. Our sponsor, which currently beneficially owns approximately 22.15% of our ordinary shares, will participate in any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and will have the discretion to vote in any manner it chooses. As a result, we may be able to amend the provisions of our amended and restated memorandum and articles of association which govern our pre-business combination behavior more easily than some other blank check companies, and this may increase our ability to complete a business combination with which you do not agree. Our shareholders may pursue remedies against us for any breach of our amended and restated memorandum and articles of association.

Certain agreements related to the IPO may be amended without shareholder approval.

Certain agreements, including the underwriting agreement relating to
the IPO, the letter agreement among us and our sponsor, officers, directors and director nominees, the registration rights agreement among
us and our sponsor and the administrative services agreement between us and our sponsor, may be amended without shareholder approval.
These agreements contain various provisions that our public shareholders might deem to be material. For example, the underwriting agreement
related to the IPO contains a covenant that the target company that we acquire must have a fair market value equal to at least 80% of
the balance in the trust account at the time of signing the definitive agreement for the transaction with such target business (excluding
the deferred underwriting commissions and taxes payable on the income earned on the trust account) so long as we obtain and maintain a
listing for our securities on the Nasdaq. While we do not expect our board to approve any amendment to any of these agreements prior to
our initial business combination, it may be possible that our board, in exercising its business judgment and subject to its fiduciary
duties, chooses to approve one or more amendments to any such agreement in connection with the consummation of our initial business combination.
Any such amendment may have an adverse effect on the value of an investment in our securities.

43

We may be unable to obtain additional financing to complete our initial business combination