Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1136

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1136
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 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 December 31, 2024 and December 31, 2023, there were 1,963,000 and 1,725,000 ordinary shares issued and outstanding, excluding 6,900,000 and 0 ordinary shares subject to possible redemption, respectively.
       
      Rights
       
      Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation
         of a Business Combination, even if the holder of such right redeemed all shares held
         by it in connection with a Business Combination. No fractional shares will be issued
         upon exchange of the rights. No additional consideration will be required to be paid
         by a holder of rights in order to receive its additional shares upon consummation
         of a