Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 15

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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799,136, respectively, in cash and investments held in the Trust Account comprised of money market funds
that invest in U.S. government securities. Investments in money market funds are presented on the unaudited balance sheets at fair value
at the end of each reporting period. Earnings on investments held in the Trust Account are included in interest and dividends earned on
investments held in the Trust Account in the unaudited statement of operations. The estimated fair value of cash and investments held
in the Trust Account is determined using available market information.

    10

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    Rights accounting 

Rights — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination, even if the holder of a right redeemed all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a right will be required to affirmatively redeem his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each right upon consummation of the Business Combination. No additional consideration will be required to be paid by a holder of Public Rights in order to receive his, her or its additional ordinary shares upon consummation of a Business Combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary share basis.

The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Cayman Islands law. As a result, the holders of the rights must hold rights in multiples of ten in order to receive shares for all of the holders’ rights upon closing of a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account