Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1157

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9C
Chunk 1157
---
 Corporation) of $10,000 per month, for up to 24 months (assuming we extend the period
    of time to compete a business combination), for office space, utilities and secretarial and administrative support;

    ●
    Reimbursement
    for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; and

    ●
    Repayment of
    loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction
    costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written
    agreements been executed with respect thereto. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00
    per unit (which, for example, would result in the holders being issued 165,000 ordinary shares if $1,500,000 of notes were so converted
    (including 15,000 shares upon the closing of our initial business combination in respect of 150,000 rights included in such units)
    at the option of the lender.

Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates. 

Director
Independence

The
NASDAQ listing standards require that a majority of our Board of Directors be independent. An “independent director” is defined
generally as a person who has no material relationship with the listed company (either directly or as a partner, shareholder or officer
of an organization that has a relationship with the company). We currently have three “independent directors” as defined
in the NASDAQ listing standards and applicable SEC rules prior to completion of our initial public offering. Our board has determined
that each of Shan Cui, Pai Liu and Wen He are independent directors under applicable SEC and NASDAQ rules.

89

Item 14. Principal Accountant Fees and Services.

The following is a summary of fees paid or to be paid to Marcum Asia CPAs LLP, or Marcum, and MaloneBailey LLP, or MaloneBailey, for services rendered.

Audit Fees. Audit
fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and services that are
normally provided by Marcum in connection with our initial public offering and regulatory filings till July 16, 2024. The aggregate
fees billed by Marcum for professional