Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1079

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9A
Chunk 1079
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 in the redemption value over the period from
         the date of issuance (or from the date that it becomes probable that the instrument
         will become redeemable, if later) to the earliest redemption date of the instrument
         or to recognize changes in the redemption value immediately as they occur and adjust
         the carrying amount of the instrument to equal the redemption value at the end of
         each reporting period. The Company has elected to recognize the changes immediately.
         The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction
         to retained earnings, or in absence of retained earnings, additional paid-in capital).

NOTE 4 – PRIVATE PLACEMENT
       
      Simultaneously with the closing of the Initial Public Offering, the Company consummated
         a private placement of 238,000 Private Placement Units, at a price of $10.00 per Private Placement Unit. Each Private Placement Unit consists of one Private Placement
         Share and one right (“Private Placement Right”). Each Private Placement Right will
         entitle the holder to receive one-tenth (1/10) ordinary share upon consummation of
         the initial business combination.
       
      The Private Placement Units are identical to the Public Units sold in the Initial
         Public Offering except for certain registration rights and transfer restrictions.

NOTE 5 – RELATED PARTY TRANSACTIONS
       
      Founder Shares
       
      In May 2018, the Company issued one ordinary share to the initial shareholder for no consideration.
         On February 20, 2021, the Company cancelled the one share for no consideration and the Sponsor
         purchased 1,150,000 ordinary shares for an aggregate price of $25,000. On September 23, 2021, the Company purchased back all the 1,150,000 shares for $25,000 and reissued 2,875,000 ordinary shares to the Sponsor for $25,000. On November 29, 2022, our sponsor surrendered 1,150,000 shares for no consideration. The Founder Shares include an aggregate of up to 225,000 shares subject to forfeiture by the Sponsors to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the Sponsors will collectively
         own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the initial
         shareholders do not purchase any Public Shares in the Initial Public Offering and