Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1082

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9A
Chunk 1082
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 or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into units of the post-Business Combination
         entity at a price of $10.00 per unit. The units would be identical to the Private Units.
       
      As of December 31, 2024 and 2023, the Company had no borrowings under the working capital loans.
       
      Related Party Extension Loans
       
      As discussed in Note 1, the Company may extend the period of time to consummate a
         Business Combination up to six times, each by an additional month (for a total of
         21 or 24 months to complete a Business Combination). In order to extend the time available
         for the Company to consummate a Business Combination, the Sponsor or its affiliates
         or designees must deposit into the Trust Account $230,000 (approximately $0.033 per Public Share in either case), up to an aggregate of $2,070,000,
         or $0.30 per Public Share, on or prior to the date of the applicable deadline, for each monthly
         extension. 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. There was no extension loan
         as of December 31, 2024.

    F-17

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

NOTE 6 – SHAREHOLDER’S 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