Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 73

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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 time to consummate a Business Combination up to nine times, each by an additional
month (for a total of 21 or 24 months to complete a Business Combination). 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 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 such payments would be made in the form of a loan. The terms of the
promissory note to be issued in connection with any such loans have not yet been negotiated. If the Company completes a Business Combination,
the Company will repay such loaned amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete
a Business Combination, the Company will not repay such loans. Furthermore, the letter agreement with the initial shareholder contains
a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans in the event that the Company does
not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend
the time for the Company to complete a Business Combination. As of September 30, 2025 and December 31, 2024, the extension loan balance was $60,000 and $0, respectively, such amounts are included in “Promissory Notes – Related Party” presented on the balance sheets
included in the financial statements filed with this Quarterly Report on Form 10-Q. 

NOTE 6 – SHAREHOLDERS’ EQUITY

Ordinary shares

The Company is authorized to issue 50,000,000
ordinary shares with $0.001
par value. Holders of the Company’s ordinary shares are entitled to one vote for each share. As of September 30, 2025 and
December 31, 2024, there were 1