Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 5

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 of 1940, as amended (the “Investment Company Act”). Except with respect to interest and dividends
earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds in the Trust Account
will not be released until the earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption
of any public shares properly tendered in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum
and Articles of Association to (A) modify the substance or timing of the Company’s obligation to redeem 100% of its public shares
if the Company does not complete its initial Business Combination within 12 months from the closing of the Initial Public Offering (or
15 months if the Company enters into a business combination agreement prior to the expiration of the initial 12-month period (the “Event”))
from the closing of the Initial Public Offering to consummate a Business Combination (or up to 21 months, or 24 months if the Event occurs,
from the closing of the Initial Public Offering if we extend the period of time to consummate a business combination) or (B) with respect
to any other provision relating to shareholders’ rights or pre-business combination activity and (iii) the redemption of all of
the Company’s public shares if the Company is unable to complete its initial Business Combination within 12 months (or 15 months
if the Event occurs) from the closing of the Initial Public Offering (or up to 21 or 24 months from the closing of the Initial Public
Offering if the Company extends the period of time to consummate a Business Combination depending on occurrence of the Event), subject
to applicable law.

    5

Business Combination

The Company listed the Units on the Nasdaq Global Market (“NASDAQ”). The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Units, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and interest released to pay taxes payable) at the time of the signing a definitive agreement in connection with a Business Combination. The Company will only complete a Business Combination if the post-B