Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 29

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 deposit into the Trust Account $230,000 (approximately $0.033 per public share in either case) on or prior to the date of the applicable deadline for each one month extension,
and up to an aggregate of $2,070,000, or $0.30 per public share. On August 26, 2025, through the Extraordinary General Meeting, the shareholders approved to reduce the payment from
$0.033 per each outstanding public share (for each monthly extension) to an amount equal to the lesser of (i) $60,000 for all outstanding
public shares and (ii) $0.033 for each outstanding public share. Any such payments would be made in the form of a loan. The terms of the
promissory note to be issued in connection with any such loans have not yet been negotiated. If the Company completes a Business Combination,
the Company will repay such loaned amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete
a Business Combination, the Company will not repay such loans. Furthermore, the letter agreement with the initial shareholder contains
a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans in the event that the Company does
not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend
the time for the Company to complete a Business Combination. As of September 30, 2025 and December 31, 2024, the extension loan balance was $60,000 and $0, respectively, such amounts are included in “Promissory Notes – Related Party” presented on the balance sheets
included in the financial statements filed with this Quarterly Report on Form 10-Q. 

NOTE 6 – SHAREHOLDERS’ EQUITY

Ordinary shares

The Company is authorized to issue 50,000,000
ordinary shares with $0.001
par value. Holders of the Company’s ordinary shares are entitled to one vote for each share. As of September 30, 2025 and
December 31, 2024, there were 1,963,000 and 1,963,000
ordinary shares issued and outstanding, excluding 3,062,517 and 6,900,000
ordinary shares subject to possible redemption, respectively.

Rights

Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consumm