Company: FSHPU
Filing Date: 2025-04-22
Form Type: 425
Source: 0001829126-25-002834
Chunk: 1

Company: Flag Ship Acquisition Corp
Filing Date: 2025-04-22
Form: 425
Chunk 1
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 Nasdaq Stock Market LLC          |
| Rights to receive                                      
 one-tenth (1/10th) of one Ordinary Share               |     | FSHPR     |     | The Nasdaq Stock Market LLC          |

Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐

| Item  
 1.01. | Entry                                 
 into a Material Definitive Agreement. |

As previously disclosed, on October 21, 2024, Flag Ship Acquisition Corporation (“ Flag Ship” or 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 (“ GRT Merger Sub”). On April 18, 2025, pursuant to the GRT Merger Agreement, the parties to the GRT Merger Agreement entered into a Mutual Termination Agreement (the “ Termination Agreement”) to terminate the GRT Merger Agreement. The Termination Agreement also provides that each other agreement among the parties relating to the GRT Merger Agreement is automatically terminated concurrently with the termination of the GRT Merger Agreement. The Termination Agreement also provides for a mutual release of claims among the parties and their affiliates, except for liabilities arising from or relating to any knowing or intentional breach of a representation, a warranty or a covenant of the GRT Merger Agreement. No party will be required to pay a termination fee as a result of the mutual decision to enter into the Termination Agreement. The foregoing description of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Termination Agreement, a copy of which is filed as Exhibit 10.5 to this Current Report on Form 8-K and is incorporated herein by reference.

Merger Agreement

On April