Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 1
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Transaction costs amounted
to $3,448,233, consisting of $1,380,000 of underwriting commissions, $1,725,000 of deferred underwriting commissions and $343,233 of other
offering costs. A total of $69,000,000, comprised of $67,545,000 of the proceeds from the IPO (which amount includes
up to $1,725,000 of the underwriter’s deferred discount) and $1,455,000 of the proceeds of the sale of the Private Placement Units,
was placed in a U.S.-based trust account, established by VStock Transfer LLC, our transfer agent and maintained at Wilmington Trust, National
Association, acting as trustee. Except with respect to interest earned on the funds in the trust account that may be released to the Company
to pay its taxes, the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion
of the Company’s initial business combination, (ii) the redemption of any of the Company’s 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 its obligation to redeem 100% of the Company’s public shares if it does not complete its initial
business combination within 12 months (or 15 months if we enter into a business combination agreement within 12 months from the closing
of this offering (the “Event”)) from the closing of the IPO (or up to 21 months, or 24 months if the Event occurs, from the
closing of the IPO if we extend the period of time to consummate a business combination, after amended and restated memo and articles),
or (B) with respect to any other provision relating to shareholders’ rights or pre-business combination activity, and (iii) the
redemption of the Company’s public shares if it is unable to complete its initial business combination within 12 months (or 15 months
if the Event occurs) from the closing of the IPO (or up to 21 months or 24 months from the closing of the IPO if we extend the period
of time to consummate a business combination, after amended and restated memo and articles).

1

At December 31, 2024,
the Company had a working capital deficit of $539,737, which excludes the amount of $70,799,136 for marketable securities
held