Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 71

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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writing
commissions and after deducting of the other underwriting commissions and expenses for the IPO, was placed in a U.S.-based trust account
(the “Trust Account”) maintained by Wilmington Trust National Association, acting as trustee, and will be invested only in
specified U.S. government treasury bills or in specified money market funds. Except with respect to interest earned on the funds in the
trust account that may be released to the Company to pay its taxes, the funds held in the trust account will not be released from the
trust account until the earliest of (i) the completion of the Company’s initial business combination, (ii) the redemption of any
of the Company’s public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and
restated memorandum and articles of association to (A) modify the substance or timing of its obligation to redeem 100% of the Company’s
public shares if it does not complete its initial business combination within 12 months from the closing of our IPO (or 15 months if
we enter into a business combination agreement within 12 months from the closing of our IPO (the “Event”)) or up to 21 months,
or 24 months if the Event occurs, from the closing of the IPO, if we extend the period of time to consummate a business combination in
accordance with our amended and restated memorandum and articles of association, which may be accomplished only if the Sponsor deposits
additional funds into the Trust Account (the “Prescribed Time Frame”), or (B) with respect to any other provision relating
to shareholders’ rights or pre-business combination activity, and (iii) the redemption of the Company’s public shares if
it is unable to complete its initial business combination within the Prescribed Time Frame, subject to applicable law. The proceeds deposited
in the Trust Account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public
shareholders.

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We will provide our public shareholders with the
opportunity to redeem all or a portion of their ordinary shares upon the completion of our initial business combination either (i) in
connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer. The decision as to
whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our
discretion, and will be based on a variety of factors such as the