Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 96

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 96
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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 timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under the law or stock exchange listing requirement. The amount in the Trust Account is initially anticipated to be $10.00 per public share (subject to increase of up to an additional $0.30 per public share in the event that the Sponsor elects to extend the period of time to consummate a business combination). The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our rights. The Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares, private placement shares and any public shares they may acquire during or after our IPO in connection with the completion of our initial business combination.

We will have up to 21 months, or 24 months
if the Event occurs, from the closing of the IPO to complete our initial business combination if we extend the period of time to
consummate a business combination, which may be accomplished only if the Sponsor deposits additional funds into the Trust Account.
The Sponsor may extend the deadline for completion of an initial business combination up to nine (9) times, each by an additional
one month until June 20, 2026, subject to the Sponsor and/or its designee depositing additional funds into the Trust Account with a
monthly extension fee (the “Monthly Extension Fee”) of $60,000. The amount was initially $230,000 (equivalent to $0.033
per public share). On August 26, 2025, through the Extraordinary General Meeting, the shareholders approved a proposal 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 (