Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 14

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 14
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Our officers and directors are not prohibited from becoming an officer or director of another special purpose acquisition company with a class of securities registered under the Securities Exchange Act of 1934, as amended.

8

Initial Business Combination Timeframe and Nasdaq Rules

We will have until 12 months
from June 20, 2024 (the closing of our IPO), or 15 months from the closing of the IPO, if the Company has entered into
a business combination agreement within 12 months from the closing of the IPO to consummate our initial business combination. However,
if we anticipate that we may not be able to consummate our initial business combination within 12 months or 15 months, we may, by resolution
of our board if requested by our sponsor, extend the period of time to consummate a business combination up to nine times, each by an
additional month (for a total of up to 21 or 24 months to complete a business combination), subject to the sponsor depositing additional
funds into the trust account as set out below. Pursuant to the terms of our memorandum and articles of association and the trust agreement
entered into between us and Wilmington Trust, National Association and Vstock Transfer LLC in connection with our IPO, in order for the
time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates or designees, upon
five days advance notice prior to the applicable deadline, must deposit into the trust account $230,000 ($0.033 per public share) on or
prior to the date of the applicable deadline, for each monthly extension. Our sponsor and its affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. If we are unable to consummate our initial
business combination within the applicable time period, we will, as promptly as reasonably possible but not more than ten business days
thereafter, redeem the public shares for a pro rata portion of the funds held in the trust account and as promptly as reasonably possible
following such redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
In such event, the rights will be worthless.

The NASDAQ rules require
that our initial business combination must be with one or more target businesses that together have an aggregate fair market value equal
to