Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 55

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 a Business Combination by an additional month up to 9
times (for a total of up to 21 or 24 months to complete a Business Combination depending on occurrence of the Event) (the
“Combination Period”). In order to extend the time available for the Company to consummate a Business Combination, the
initial shareholders or their affiliates or designees were initially required to deposit into the Trust Account $230,000
(approximately $0.033 per public share in either case) on or prior to the date of the applicable deadline for each one month
extension, and up to an aggregate of $2,070,000,
or $0.30
per public share. On August 26, 2025, through the Extraordinary General Meeting, the shareholders approved a proposal to reduce the
payment from $0.033 per each outstanding public share (for each monthly extension) to an amount equal to the lesser of (i) $60,000
for all outstanding public shares and (ii) $0.033 for each outstanding public share. Any funds which may be provided to extend the
time frame will be in the form of a loan to the Company from the Sponsor. The terms of any such loan have not been definitely
negotiated, provided, however, any loan will be interest free and will be repayable only if the Company completes a Business
Combination. As a result, $60,000 is required for each monthly extension.

On October 21, 2024, the Company entered into an Agreement and Plan of Merger (the “GRT Merger Agreement”) with Great Rich Technologies Limited, a public limited company incorporated under the laws of Hong Kong (“GRT”), and GRT Merger Star Limited, a Cayman Islands company limited by shares and a wholly-owned subsidiary of GRT (“Merger Sub”). Pursuant to the Merger Agreement, among other things, the Company will merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving entity and a wholly-owned subsidiary of GRT (the “Surviving Company”).

The GRT Merger Agreement provided that at the effective time of the Merger, by virtue of the Merger and without any action of the part of the Company, Merger Sub or any other Person:

(i) each of the Company’s ordinary shares (the “Company Shares”) issued and outstanding immediately prior to the Effective Time, excluding the Excluded Shares and Dissenting Shares (each