Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 223

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1A
Chunk 223
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, including the Proposed GRT Business Combination,
even if a substantial majority of our public shareholders do not agree with the transaction and have redeemed their shares or, if we seek
shareholder approval of our initial business combination and do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, have entered into privately negotiated agreements to sell their shares to our sponsor, officers, directors,
advisors or their affiliates. In the event the aggregate cash consideration we would be required to pay for all ordinary shares that are
validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination
exceed the aggregate amount of cash available to us, we will not complete the business combination or redeem any shares, all ordinary
shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.

Investors may view our units as less attractive than those of other blank check companies.

Unlike other blank check
companies that sell units comprised of shares and warrants each to purchase one full share in their initial public offerings, we sold
units comprised of ordinary shares and rights entitling the holder to receive one-tenth (1/10) of one ordinary share in the IPO. On August 15,
2024, our ordinary shares and rights comprising the units began separate trading on Nasdaq. The rights will not have any voting rights
and will expire and be worthless if we do not consummate an initial business combination. Furthermore, it is not our intent to issue fractional
shares upon conversion of any rights. As a result, if you acquire less than ten rights, you may, in our discretion, not receive one whole
share. Any rounding down and extinguishment may be done with or without any in lieu cash payment or other compensation being made to the
holder of the relevant rights. Accordingly, investors will not be issued the same securities as part of their investment as they may have
in other blank check company offerings, which may have the effect of limiting the potential upside value of your investment in our company.

In order to effectuate an initial business combination, blank check companies have, in the recent past, amended various provisions of their charters and modified governing instruments. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles of association or governing instruments in a manner that will make it easier for us to complete our initial business combination that our shareholders may not support.

In order to effect