Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1115

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1115
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 had not yet commenced any operations. All activities through December 31, 2024 relate to the Company’s formation and the initial public offering (the “Initial Public Offering”). Since
         the Initial Public Offering, the Company’s activity has been limited to the evaluation of business combination candidates.
         The Company will not generate any operating revenues until after the completion of
         a Business Combination, at the earliest. The Company will generate non-operating income
         in the form of dividend and interest income from the investments held in trust account. The Company has selected December 31 as its fiscal year end.
       
      Financing
       
      The registration statement for the Company’s Initial Public Offering was declared effective on June 17, 2024. On June 20, 2024, the Company consummated the Initial Public Offering of 6,900,000 units (the “Public Units”), which includes 900,000 Public Units upon the full exercise by the underwriter of its over-allotment option,
         at $10.00 per Public Unit, generating gross proceeds of $69,000,000 to the Company. Each Public Unit consists of one ordinary share and one right (“Public
         Rights”). Each whole Public Right will entitle the holder to receive one-tenth (1/10)
         ordinary share upon consummation of initial business combination.
       
      Simultaneously with the closing of the Initial Public Offering, the Company consummated
         the sale of 238,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to Whale Management Corporation
         (the “Sponsor”), generating gross proceeds of $2,380,000 to the Company. Each Private Placement Unit consists of one Private Placement Share
         and one right (“Private Placement Right”). Each Private Placement Right will entitle
         the holder to receive one-tenth (1/10) ordinary share upon consummation of the initial
         business combination.
       
      Transaction costs amounted to $3,448,233, consisting of $1,380,000 of underwriting commissions, $1,725,000 of deferred underwriting commissions and $343,233 of other offering costs.
       
      Trust Account
       
      The aggregate amount of $69,000,000 ($10.00 per Public Unit) held in a trust account (“Trust Account”) established for the benefit
         of the Company’s public shareholders and maintained by