Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 6

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 6
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 (the proposals set forth in the foregoing clauses (i) through (iii) are referred to
as the “Company Proposals”), and (iv) any proposal to adjourn or postpone the meeting to a later date, if there are not sufficient
votes for the approval of the Company Proposals, on the date on which such meeting is held. The Company agreed, through its board of directors,
to recommend that the Company Shareholders vote in favor of all Company Proposals, and not withdraw or modify such recommendation prior
to termination of the Merger Agreement.

From the date of execution of the Merger Agreement through the Closing, the Company shall use all reasonable efforts to remain as a public company on, and for its securities to be tradable over the Nasdaq Global Market. GRT shall use all reasonable efforts to apply for a listing of Parent ADSs on, and for Parent ADSs to be tradable over, the Nasdaq Stock Market.

Conditions to Consummation of the Merger

Consummation
of the transactions contemplated by the Merger Agreement is subject to the satisfaction or waiver by the respective parties of a number
of conditions, including the approval of the Merger Agreement and the transactions contemplated thereby by GRT’s and the Company’s
respective shareholders. Other closing conditions include, among others: (i) the receipt of necessary consents, approvals and authorizations,
including but not limited to, regulatory approval by Nasdaq of the Parent ADSs and the Securities and Exchange Commission; (ii) the trading
of the Parent Shares on KOSDAQ following admission of Parent ADRs to trading on Nasdaq; (iii) receipt of all necessary approvals from
the China Securities Regulatory Commission (“CSRC”) in connection with the transaction; (iv) the absence of any law or governmental
order enjoining, prohibiting or making illegal the consummation of the Merger; (v) effectiveness of the Registration Statement of F-4
in accordance with the Securities Act of 1933, as amended; and (vi) there shall be at least $10,000,000 of “available liquidity”
as of the closing.

In addition, the obligations of GRT and Company to consummate the Merger are also conditioned upon, among other things: (i) the receipt by each of GRT and the Company of the certificates, instruments and other agreements as set forth in the Merger Agreement; (ii) the accuracy of the representations and warranties of each party (subject to certain materiality