Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 650

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 650
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 pro rata interest earned on the funds held in the Trust Account and not previously
         released to the Company to pay its tax obligations). The per-share amount to be distributed
         to shareholders who redeem their Public Shares will not be reduced by the deferred
         underwriting commissions the Company will pay to the underwriter (as discussed in
         Note 7). There will be no redemption rights upon the completion of a Business Combination
         with respect to the Company’s rights. The ordinary shares will be recorded at redemption value and classified
         as temporary equity upon the completion of the Initial Public Offering, in accordance
         with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities
         from Equity.”

    F-8

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      The Sponsor and any of the Company’s officers or directors that may hold Founder Shares (as defined in Note 5) (the “initial
         shareholders”) and the underwriters will agree (a) to vote their Founder Shares, the
         ordinary shares included in the Private Placement Units (the “Private Shares”) and
         any Public Shares purchased during or after the Initial Public Offering in favor of
         a Business Combination, (b) not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to the
         Company’s pre-Business Combination activities prior to the consummation of a Business Combination
         unless the Company provides dissenting public shareholders with the opportunity to
         redeem their Public Shares in conjunction with any such amendment; (c) not to redeem
         any shares (including the Founder Shares) and Private Shares into the right to receive
         cash from the Trust Account in connection with a shareholder vote to approve a Business
         Combination (or to sell any shares in a tender offer in connection with a Business
         Combination if the Company does not seek shareholder approval in connection therewith)
         or a vote to amend the provisions of the Amended and Restated Memorandum and Articles
         of Association relating to shareholders’ rights of pre-Business Combination activity and (d) that the Founder Shares and Private
         Shares shall not participate in any liquidating distributions upon winding up if a
         Business Combination is not consummated. However, the initial shareholders will be
         entitled to liquidating distributions from the Trust Account with respect to any Public
         Shares purchased during or after the Public Offering if the