Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 227

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1A
Chunk 227
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 to be $10.00 per public share, implying an initial value of $10.00 per public share. However, prior to the IPO, our sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.01 per share. As a result, the value of your public shares may be significantly diluted upon the consummation of our initial business combination, when the founder shares are converted into public shares.

Our rights agreement with our transfer agent
designates the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and
exclusive forum for certain types of actions and proceedings that may be initiated by holders of our rights, which could limit the ability
of rights holders to obtain a favorable judicial forum for disputes with our company.

Our rights agreement with
our transfer agent, which govern the terms of the rights, respectively, provides that, subject to applicable law, (i) any action, proceeding
or claim against us or the rights agent arising out of or relating in any way to the rights agreement shall be brought and enforced in
the courts of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we and the
rights agent irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding
or claim. These provisions therefore require holders of our rights to submit to the jurisdiction of the courts of New York, New York.
We and the rights agent and investors have therefore waived any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum.

Notwithstanding the foregoing, this exclusive forum provision shall not apply to suits brought to enforce a duty or liability created by the Exchange Act, any other claim for which the federal courts have exclusive jurisdiction or any complaint asserting a cause of action arising under the Securities Act against us or any of our directors, officers, other employees or agents. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. In addition, we cannot waive compliance with the federal securities laws and the rules and regulations thereunder.

44

Notwithstanding the foregoing limitations on venue, such provisions are not applicable with respect to claims under the United States’ Securities Act or Exchange Act. With respect to other types of claims these choice-of-forum provisions may limit a right’s holder’s ability to bring a