Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 69

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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The key measures of segment profit or loss reviewed
by the CODM are interest and dividends earned on assets held in Trust Account and general and administrative expenses. The CODM reviews
interest and dividends earned on assets held in Trust Account to measure and monitor stockholder value and determine the most effective
strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. General and administrative
expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business
combination within the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce
all contractual agreements to ensure costs are aligned with all agreements and budget.

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NOTE 9 –
SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the unaudited financial statements were issued. The Company did not identify
any subsequent events that would have required adjustment or disclosure in the unaudited financial statements.

On April 18, 2025, pursuant to the GRT Merger
Agreement, the parties to the GRT Merger Agreement entered into a Mutual Termination Agreement (the “Termination Agreement”)
to terminate the GRT Merger Agreement.

On April 18, 2025, the Company entered into the Merger
Agreement with Great Future Technology Inc., a Cayman Islands exempted company limited by shares (“PubCo” or “Parent”)
and GFT Merger Sub Limited, a Cayman Islands exempted company limited by shares and a wholly-owned subsidiary of GFT (“Merger Sub”).
The GFT Merger Agreement replaces and supersedes the GRT Merger Agreement described in Note 1.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Flag Ship Acquisition Corporation. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Whale Management Corporation. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking