Company: FSHPU
Filing Date: 2025-08-05
Form Type: DEF 14A
Source: 0001829126-25-005812
Chunk: 18

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-05
Form: DEF 14A
Chunk 18
---
 such time. Due to the length of time that we have been searching for a
business combination, it is possible that a claim could be made that we have been operating as an unregistered investment company. It
is also possible that the investment of funds from the IPO during our life as a blank check company, and the earning and use of interest
from such investment, could increase the likelihood of us being found to have been operating as an unregistered investment company more
than if we sought to potentially mitigate this risk by holding such funds as cash from the outset of our IPO. If the Company was deemed
to be an investment company for purposes of the Investment Company Act and found to have been operating as an unregistered investment
company, it could cause the Company to liquidate. If we are forced to liquidate, investors in the Company would not be able to participate
in any benefits of owning stock in an operating business, including the potential appreciation of our shares following such a transaction
and our rights would expire worthless.

Risks related to Conflicts of Interest

Our Sponsors, directors and officers have interests in the proposals that may be different from, or in addition to, your interests as a shareholder. These interests include ownership of Founder Shares and Private Shares that may become exercisable in the future and the possibility of future compensatory arrangements. See the section below titled “The Extraordinary General Meeting – Interests of our Sponsors, Directors and Officers” for further information relating to such interests.

<div align='center'>19

BACKGROUND</div>

We are a blank check company incorporated on May 14, 2018, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

The registration statement for our initial public offering was declared effective by the Securities and Exchange Commission on June 17, 2024. We completed our initial public offering on June 20, 2024. In our initial public offering, we sold units at an offering price of $10.00 and consisting of one ordinary share, one right to receive one-tenth (1/10) of an ordinary share upon the consummation of an initial business combination.

In connection with our initial public offering, we sold 6,900,000 units, generating gross proceeds of $69,000,000. Simultaneously with the closing of the IPO, pursuant to the Private Placement Units Purchase Agreement by and