Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 337

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1A
Chunk 337
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 receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights
         will expire worthless. Further, there are no contractual penalties for failure to
         deliver securities to the holders of the rights upon consummation of a Business Combination.
         Additionally, in no event will the Company be required to net cash settle the rights.
         Accordingly, the rights may expire worthless.

NOTE 7 – COMMITMENTS AND CONTINGENCIES
       
      Registration Rights
       
      The holders of the founder shares issued and outstanding on the date of this prospectus,
         as well as the holders of the Private Units (and all underlying securities) and any
         securities our initial shareholder, officers, directors or their affiliates may be
         issued in payment of working capital loans made to us, will be entitled to registration
         rights pursuant to an agreement to be signed prior to or on the effective date of
         this Proposed Public Offering. The holders of the majority of the founder shares can
         elect to exercise these registration rights at any time on or after (i) the date that
         the Company consummates a Business Combination with respect to the Founder Shares
         and Working Capital Loan Securities (or underlying securities) or (ii) commencing
         three months prior to the date on which these ordinary shares are to be released from
         escrow. The holders of a majority of the Private Units (and underlying securities)
         and securities issued in payment of Working Capital Loans (or underlying securities)
         or loans to extend our life can elect to exercise these registration rights at any
         time after the Company consummates a Business Combination. In addition, the holders
         have certain “piggy-back” registration rights with respect to registration statements
         filed subsequent to our consummation of a Business Combination. We will bear the expenses
         incurred in connection with the filing of any such registration statements.
       
      Underwriter Agreement
       
      The Company granted the underwriters a 45-day option to purchase up to 900,000 Units (over and above 6,000,000 Units referred to above) solely to cover over-allotments at the “Proposed Public Offering”
         price, less the underwriting discounts and commissions. On June 20, 2024, the underwriters fully exercised the over-allotment option to purchase 900,000 Public Units, generating gross proceeds to the Company of $9,000,000. The underwriters