Company: FSHPU
Filing Date: 2025-08-05
Form Type: DEF 14A
Source: 0001829126-25-005812
Chunk: 25

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-05
Form: DEF 14A
Chunk 25
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 additional extensions of the time period
within which the Company must complete its initial business combination. Under the Extension Fee Reduction Proposal, in order for
the Company to effectuate one or more Monthly Extensions after September 20, 2025, the Sponsor and/or its designee would
deposit into the Trust Account the Amended Monthly Extension Fee equal to the lesser of (i) $60,000 for all remaining Public Shares
and (ii) $0.033 for each remaining Public Share for each monthly period until June 20, 2026. The Company will then continue to work to consummate its initial business
combination.

You are not being asked to vote on a business combination at this time. If the Extension Fee Reduction Proposal is approved and you do not elect to redeem your Public Shares, you will retain the right to vote on any proposed business combination when it is submitted to shareholders (provided that you are a shareholder on the Record Date for a meeting to consider a business combination) and the right to redeem your Public Shares for a pro rata portion of the Trust Account in the event such business combination is approved and completed or the Company has not consummated a business combination by the end of the Combination Period.

If the Extension Fee Reduction Proposal is approved, the removal of
the funds from the Trust Account in connection with the election to redeem the Public Shares (the “Election”) will reduce
the amount held in the Trust Account following the Election. The Company cannot predict the amount that will remain in the Trust Account
after such withdrawal if the Extension Fee Reduction Proposal is approved and the amount remaining in the Trust Account may be only a
fraction of the amount of $72,281,179.39 (including interest but less the funds used to pay taxes) that was in the Trust Account as of
the Record Date. In such event, the Company may require additional funds to complete a business combination, and there can be no assurance
that such funds will be available on terms acceptable to the parties or at all.

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Redemption Rights

Each of our Public Shareholders
who (a) holds Public Shares or (b) holds Public Shares as part of Public Units and elect to separate such Public Units into the underlying
Public Shares and Public Rights prior to exercising redemption rights with respect to the Public Shares may submit an election that such
Public Shareholder elects to redeem all or a portion of their Public Shares at a per-share price, payable in cash, equal to the